I don't think a reboot is necessary. We had 2 awesome X-Men films. And Wolverine is decent enough.
True, despite it's good traits, X3 wasn't that great. But after watching the movie a couple of times, I noticed it set up some great possibilities for a future film. And surprisingly enough, their 2 of the biggest complaints I have about the movie when I heard it would be the final film. Allow me to explain:
- Cyclops' death: Sure, it seems Summers is dead. But the Phoenix is a mysterious force to deal with. Besides, it's a comic book movie: no body, no death. We just have Cyclops wandering arround with amnesia, not sure who he is or what happened until the newly resurrected Xavier and his X-Men find him. And of course his survival would be a crucial plot point for the sequel.
- The Cure: As Magneto proves at the end of the film, no mater how big a dosage you receive, the mutation cure is not permanent. The way I envision it, those who took the cure find their mutations comeback with a vengence! This would not only give certain characters back powers they had in the comics(Magneto's forcefield, Rogue's flight/super strength) but would also make the mutants seem more dangerous with the sudden explosion of power. From their, the movie can go just about anywhere you want: the mutant registration act, REAL sentinels, Genosha, etc.
I know that talk of X-Men: First Class has come up, but why bother? Sure, X3 was bad, but X1 and X2 were awesome. And Wolverine Orgins was decent. Besides, X3 was at least a commercial success
Instead of rebooting an already awesome franchise, why not pull a TERMINATOR* and make an awesome movie that expands on what was setup in the last horrendous film. Plus, how many Punisher films or Fantastic Four movies must you watch before you realize that reboots don't work for Marvel movies?
(*: Yes, I know Terminator Salvation isn't out yet, so there's no way I can know for sure this movie will be awesome. But come on! Have you seen the footage? Have you taken a look at the cast? Do you know who wrote this thing? HOW CAN IT NOT BE AWESOME?!? Definitley better than that turd known as TERMINATOR 3)