They'll be continuing the story about his parents. SM4 was supposed to be about Pete & MJ saddled with kids and him facing a Vulturess rather than Vulture.
Originally the first Spider-Man was going to have Doc Ock and Green Goblin, Mary Jane would be raped by thugs and Harry Osborn was going to have a drug problem. Oh, and Peter would have web shooters.
That never happened in the first one did it?
If we go by what that rumor/"official" inside info says, yeah, it probably would have sucked ***. But it never came to be, it never came along, I never heard Raimi or Maguire say that. So who knows. Who knows what it would have been/could have been, good or bad. You don't know, I don't know. What if, years from now, we get an "official" treatment for Spider-Man 4 and it's different and the script reads really well? We're not in the business so we can't say for sure.
That spells as much fail as SM3, the Reboot needed to happen.
You don't know that, I don't know that. Might have been good, might have been a different story altogether.
Remember all those "Batman 5" scripts that were written that "almost came to be". Year Ones, Batman vs. Supermans, Batman Triumphants, everyone has something different. Writers change, hell, sometimes even in the same series. Nothing is set in stone.
Spidey 4 could have been good or it could have been bad. But that's in the past. It didn't happen. We'll never know. We have to make due with this new one and hopefully we enjoy it. Personally, I'd be fine with two great Spider-Man films consecutively (1 and 2), then getting two duds (3 and ASM) then Sony going back to form and getting ASM 2 and 3 right. That'd be cool. 2 great first ones. 2 great last ones. 2 bad ones in between.