I've been hearing a lot of rumors about this. From DC still doesn't know what it's going to do (not encouraging) to a full scale reboot. I'm going to talk about the latter.
As I've probably mentioned more than once I don't like the idea of full reboots. Mostly because my favorites won't turn up for awhile. DC doesn't seem to like them either, at least with some of their franchises like Batman and Green Lantern. Now let's assume that there's a complete reboot. That would likely mean that in those series we won't have the main bat family or many of the GLs. There certainly wouldn't be any Nightwing, Red Hood or Red Robin.
That said that doesn't mean that DC can't make some tweaks. For example GL could do an arc about Hal becoming a GL and lead into a crisis that makes it possible for John and Guy to join. Kyle could be around and they could make an event around him being the only one (for a much shorter duration) that has the ring for awhile.
Batman would have Dick as Robin but they could still have the other kids. Bruce could adopt a younger Jason to take up the mantle at a later date and we could actually get more of a brotherly build up with the Robins. Tims' parents could be rich again and friends with Bruce. Damian would be revealed and these stories could slowly be built up. Naturally this would make fans wonder if DC would still go down certain paths. Would Jason still die as Robin and become Red Hood? There could be some real twists while still having all the same characters around.
Time travel could happen with Rip and Booster and have storylines to explain any further changes.
I would be pissed if DC just threw all these characters out to focus on the "iconic versions" or made it so they aren't Robins, GLs, etc.