Don't know much about whether Pattinson will actually be Peter Parker (It's a null point until the Studios find a Director), but after the problem which was Spiderman 3 they needed to do something to get the series more in line with the comic book especially after both McGuire and Raimi bowed out. Love it or hate it, but too many villains crowded in one movie, with too many changes to the integrity and familiarity of them (Eddie Brock's Venom, for one.) combined with such things like Gwen Stacey being both alive, and part of Peter's life AFTER he and MJ are already together warrants a start over.
Sure, it sucks that they figured this out only months before the proposed release, but it's better then getting a movie that the Studios clearly had issues with producing. I'd rather see a 2 year wait and a more solid attempt than something the Studio itself believed wasn't quite making the grade.
Plus, it gives Thor more of the lamplight and that can only help another Marvel Movie, which has less of a following than the flagship character Spiderman.
Let's just sit back and hope they cast well, have screenwriters worth their salt, and that the revamp in 2012 means more enjoyment for us not-so-patient movie goers.
