The first reboot was rather cool. The film is based on that series of comics.
You had a bunch of semi-mistfist of minimal power team up to fight naughty folks. A new version of Drax the destroyer, Gamora, Rocket Racoon, Groot and Star Lord. If I remember correctly, a depowered Adam Warlock joined them a bit later. All the heroes have something and it made for an interesting team in an interesting backdrop.
The GoG were stationed in the floating head of a decapitated Celestial. It was sort of a wannabe Deep Space Nine station, except it was in a region of space called Nowhen (I think). The chief of security was a Russian cosmonaut dog who got psychic powers from his space travels. I liked Cosmo. The station had one advantage for the GoG: they could teleport anywhere in the galaxy to save the day from it.
The problem was they had no plot. They started fighting the church of universal truth, who was under the controlled of the Magus (Warlock's evil future self). That plot suddenly ended and you had War of Kings, Nova joining the GoG after he helped create in the first place, some time displacement thing about a member of the original GoG who also went no where, than the Cancerverse thing.
The Cancerverse was sort of ok. It involved Thanos, loftcraftian horrors, the Cancerverse - a reality where Death died- and a lot of Marvel's powerful cosmic being. A lot of people died at the end. Than the GoG became composed of powerful beings like the Silver Surfer, Gladiator, Ronan the Accuser (the baddy in the up coming film), Betaray Bill, and a few others. No plot what so ever. It went on ice for a while and then was relaunch with the original team minus Adam Warlock (basically the protagonist of the film). Plus Iron Man, cause after the Iron Man films he became so popular he had to be in every comics, like Wolverine was at one time.