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I usually associate reboots with successful franchises which have been driven to the ground, and then resurrected (whether or not the reboot revives the franchise depends on how good the reboot is obviously).
Hypothetically, let's say Modern Warfare 3 were to be awful, and received horrible reviews and sold poorly, then the franchise would most likely be put on hold for a couple of years for internal reassessment and then eventually, the developers would release a graphical master piece with never before seen fresh, innovative, and fun game play called Modern Warfare (notice the lack of labeling the game as a part of the original series) that spurs new interest and confidence in the franchise. That's a reboot - getting rid of the bad taste with time and then sending out a good product.
Because Halo never truly hit that low point, Halo 4 would be more appropriately regarded as Halo evolved. Or in different words, a way to assure fans that Halo as a franchise is not even close to being exhausted (whether or not that exertion is correct is beyond me - I haven't played Halo 4. If the game sucks, don't send me a PM saying: "I remember back in 2011, you said that Halo 4 would be HALO EVOLVED, LIER!")