"The Amazing Spider-Man" Not To Be A Full Reboot?

It's been reported that "The Amazing Spider-Man" is being described as "not a full reboot, but only half". It'll feature the things that weren't shown in Sam Raimi's original trilogy.
It's been rumored that Uncle Ben is still dead and that Martin Sheen will only appear in flashbacks. Either that or parts of the film are set before he gets bitten. So there could be some slight continuity with this new film.
Avi Arad, producer of Marvel films said that the film, "won't erase what came before but will try to weave a narrative that could take place within the framework of the earlier films."