I Don't think they need to reboot or remake it. They just need to start telling stories out of the current timeline / saga. Their is no reason why they couldn't create a new saga taking place during the old republic. Or create a saga that takes place long after the original trilogy. I think the worst thing they could do is try to create the fabled 7, 8, and 9. If rumors are true, they involve most of the characters from the original trilogy. There is entirely too much expectation by going that route. Look what happened with Vader. Everyone had expectations for how the story of Anakin/Vader should be handled. When it wasn't told how everyone expected it to be, everyone was pissed. If you had watched 1, 2, and 3, without having any idea of who Darth Vader was, would you have given two shits that he said Yippee as a kid, or was an annoying teenager? Of course not.
Either way they can start with new characters, new storyline, and god forbid, a new director. I think Lucas still has fantastic vision. He just can't direct or write worth shit. If Lucas could create a new saga where he simply lays out the basic blueprint of the story, he could hand it off to some writers that actually understand what people want to see in these movies. Add a capable director into the mix that understands why everyone hates the prequels, and you have the possibility of success.
Lucas is Star Wars, and in no way do I think he should have nothing to do with further installments. I believe if he was involved as a creative consultant we could really have something special. Truth be told, I kind of have a hope that the upcoming TV series crashes and burns. I have little to no interest in a storyline that takes place between 3 and 4. And frankly, Star Wars always has been the definition of a tentpole summer movie. It belongs in theaters. If the TV series bombs, it certainly won't be the end of Star Wars. Fox will surely try to get something working in theaters again (assuming they aren't already) if the TV series fails.