As someone who loathes Disney, I have a very bad feeling about this!
Can't necessarily blame Lucas either. While he isn't a great writer, his ideas aren't all bad. The prequel trilogy had some good premises underneath it, but is was hampered in many places by weak dialogue and a few plot holes. The Star Wars fanbase very much overstates his weaknesses though. I can't blame him for being upset with the situation.
Good or bad whatever is done here is going to throw some huge snarls in the EU. Now, there is a lot in the EU that is certainly worse than the prequels, but at least the Star Wars EU didn't have the problems of the Trek EU -- that is nothing is canon and sometimes better than what is canon. That's why I stopped following the Trek EU. Star Wars at least was easier, the movies were primary canon while the novels themseves were still pretty official.
I dunno. I mean the OT actors are really too old to reprise their roles, and Lucas was talking about maybe making a new set of movies set at least 100 years after the OT. If they follow something like this it might not be too bad.