Yep, that seems to be the plan. The celebrated John Byrne has a new project called "Tales Twice Told". Due out in Sept-Oct, it's a 12 issue limited series which starts from Amazing Fantasy #15 with the infamous spider-bite scene. Reworking history, he includes an explosion in that scene which puts Peter in hospital - only surviving because of his new powers.
Seemingly, this retelling will invalidate much of the continuity from the Amazing Fantasy limited series, the early Untold Tales stories, and presumably some of the early Amazing Spider-Man stories too. Judging by the comments from Marvel, the aim of all this is to give a whole new generation of fans the opportunity to pick up from the beginning.
So what does this add up to? A new beginning for a young generation, or high-treason? The answer I suspect is; both. To those who have only seen the animated series, that is Spider-Man to them. To those of us with a shelf full of browning comic books from the 60's, that is our Spider-Man. Byrne will sway some, and leave others unconverted. It's all just different aspects of the same Red and Blue, web-swinging, responsibility-burdoned young man we all know.