Marvel EIC Axel Alonso states: “It is not a reboot. We don’t travel back in time, into the future, or to an alternate universe. Marvel NOW! respects the investment—emotional and financial—that long-term fans have made in the Marvel Universe, and this story takes place in a Marvel Universe they can recognize, one that grows out of Avengers Vs. X-Men. That said, these stories will be accessible to lapsed readers—the guy who likes, say, Captain America, but doesn’t know where to start—and anyone who saw a Marvel movie or heard the buzz about Marvel NOW!”
It’s an interesting way of framing a continuity-wide update, and one that is radically different from DC’s continuity-wide reboot model with the New 52. Watching these two models compete will make for interesting reading.