The movies haven't really been internally inconsistent - there isn't a whole heap of stuff that's internally contradictory. Besides, AoE practically set up an expanded universe: the 'creators' are out there somewhere, and Lockdown's presence hints at the possibility of other (factions of) Transformers independent of the Autobots and Decepticons. Also, as with previous movies (as well as G1 itself), other Autobots and Decepticons can come in (seemingly out of nowhere) and join the fight.
Given that, I don't get why there's such demand for a reboot. Not only is it far too soon (one year after the last movie), but as I've said before, I feel that reboots are a 'cheat' and a lazy way out. Wouldn't a better test of writing be working with what you have and expanding on it, rather than taking the easy way out and starting over?
Besides, who's to say that the reboot won't be worse?