The series of Star Wars "Episode" movies will be continued with (at least) three more movies - Episodes 7, 8 and 9, with Episode 7 slated for release in 2015 and additional Star Wars live action film releases planned every two to three years. Note that, based on the way this was stated, it was unclear to me as to whether this trend was predicted for just this new trilogy or beyond.
As for the storyline of the upcoming trilogy, no details have been revealed, but - no, it won't be a "reboot," in case Disney has revealed that, as part of the deal, George Lucas provided them with an "extensive... lengthy treatment" for what these three upcoming movies should be about and Disney is apparently pleased with the detail involved. Also, George Lucas will be serving as consultant during this third trilogy.
"For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next. It's now time for me to pass Star Wars on to a new generation of filmmakers. I've always believed that Star Wars could live beyond me, and I thought it was important to set up the transition during my lifetime. I'm confident that with Lucasfilm under the leadership of Kathleen Kennedy, and having a new home within the Disney organization, Star Wars will certainly live on and flourish for many generations to come. Disney's reach and experience give Lucasfilm the opportunity to blaze new trails in film, television, interactive media, theme parks, live entertainment, and consumer products."- George Lucas, Chairman and CEO of Lucasfilm