That's a very thoughtful response and I would agree with you at least insofar as "amount of time elapsed" is not necessarily an end-all factor. More important to my interpretations, however, is just how much content exists within the Prime Universe of Star Trek prior to the advent of the so-called "JJ-verse." The film reboot of The Hulk is actually technically a continuation of Ang Lee's, in the sense that the characters reference the events of the 2003 film as having occurred, by the way, but that's hair-splitting; at that point I could also mention that Star Trek (2009) is technically a parallel universe spun from the original web. But yeah, I get you.
I personally find those movie examples somewhat apples-and-oranges, though. Spider-Man, The Hulk, these were relaunched in part because their studios wished to begin long-form storytelling across several brand names. The Marvel Cinematic Universe is a very appealing gig because it's making a crazy amount of money and now everyone wants in on that pie. By comparison, however, Mass Effect is first and foremost a trilogy of video games. Like Star Trek for several decades before Abrams, its universe is capable of going many further places and tying into itself in customarily BioWare fashions without needing to start back at the beginning again for a while, yet. At least, that's my feeling on the matter.
Would I detest the notion of a reboot outright? Not at all. I'd be excited to see what it'd bring, albeit less so than with a "real" fourth game in the series. But a far softer reboot, which is what's in the works as near as I can tell -- that is to say, something that is not a part of the Shepard trilogy and is thus a better natural entry point, capable of telling new enriching tales apart from the Reaper War whilst maintaining a level of respect for what has come before it -- that, I think, theoretically delivers on your tenets of graphics, gameplay and story, without necessitating a return to Eden Prime.