We have finally heard some news directly from Javier Grillo-Marxuach about the Untitled Xena Reboot. He posted a brief Q&A on his Tumblr in which he confirms that the new series will be a reboot rather than a revival. It will not be some kind of modern retelling (as some fans have dreaded), instead it will be "... a truly female-driven, sword-and-sandal, period epic set in Bronze-age Greece - and to build on the success of the classic, original series to launch an event series we hope can return year after year… not unlike Doctor Who." To me, this sounds like great news!
I'm excited for the possibilities!