An excellent revamp
The Teen Titans that used the characters Tim Drake, Cassandra Sandsmark, Bart Allan and Solstice, at its end, overextended itself. It could not capture the older styles. Too many characters died and too many changed in and out too fast. It could not recreate the powerful foes that cursed the best Titans; Trigon, Deathstroke, Terra (Number 1)
There are hints that the first Teen Titans, in some form, did exist (See Red Hood Outlaws #6)
But with the New 52, the baggage can be cleaned out. They know which characters worked, and can replace them where necessary. It continued the New 52's themes about mistrusted heroes, connects to Superboy, and leaves space open for future members aside for the seven on the cover. After all, pics of Static, Raven, Beast Boy and Miss Martian did appear in the news montage (and Starfire, but she's a bit old)
However, I do have this to complain about......I WANT WALLY WEST. Also, the Wonder Girl armor, at the start....sucks. But it does get better.....if someone attacks it enough.