Here is that follow up article with the details. It certainly looks like First: Class will be, at least a partial reboot of the continuity set by Fox Studio's earlier X movies. Vaughn told IGN that he is taking this prequel story in a similar direction to JJ Abrams' recent Star Trek reboot..
Vaughn, speaking on the phone from Pinewood Studios in London, where he's in pre-production on the film, said that he hopes to follow the model of J.J. Abrams' Star Trek reboot, paying homage to the original source material, while taking it in a new direction with a fresh, young cast.
"Obviously [Abrams] couldn't make everyone happy with that one, but he did a pretty good job," Vaughn said. "He made a fantastically exciting reinvention of that world, with those great characters. And I think there will be comparisons a little bit with X-Men: First Class. It's very similar, in a way. But we're doing some cool stuff in this movie, some really cool stuff that you haven't seen before."
Star Trek stuck to the established canon, but added a time travel/reset the clock plot device which allowed for some wiggle room with certain details. It appears that is Vaughn's plan, although he didn't reveal whether the story would be completely original, or based on an existing comic arc. He went on to say..
"The story that Bryan Singer came up with is very, very smart. It's very clever when you see how he has integrated the characters into the time period where the film is set. I'll put it that way. I just don't want to give it away. ... It's a very clever way of getting these characters involved in recent history, in recent world events."
Mmmmm. Well, this would seem like good news for anyone unhappy with Singer's original movies, in which the team differed from the original five in the comics. At the same time, we haven't heard any casting news on either Angel or Ice-Man, whose appearances in the movie would pretty much confirm that we were getting the original team in some form.
There is more from Vaughn on the movie, be sure to click on the link to read the full article over at IGN.
Update: Ok, sorry to dash hope of anyone wanting to see the original team, but although from what Vaughn says here I still think his film will play with the established item line and retcon certain things, its still set within the previous movie continuity. He told Rick Marshal over at MTV..
"Yeah, I would say absolutely so," Vaughn responded when asked if "First Class" would be an official, in-continuity prequel to the "X-Men" movies that came before it.