From what i've seen of Vanquish, (on my to play list) It could sorta work for X. Same for Other M.
But I agree with Hyper, we really dont need another series. Thats what X series was, thats what Zero series was, thats what ZX was, etc etc.
What we need is just to like he said, keep the familiar faces. And I think creating a brand new series wont help. What needs to be done if any kind of survival of the main franchise as a WHOLE is to be achieved, is to concentrate on the roots. And I dont mean going 8 bit, because that didn't work either as we've seen. From the ground up, Classic, and then maybe X, need to be restarted, redone, in fresh ways. I think Treleus is onto something there with his ideas, although shafting Zero definitely isnt one of them. He just needs to be less the spotlight stealer, and X needs to get equal focus. And with a brand new story, that is achievable too.
I know Reboot isnt exactly what Hyper had in mind, but, I think it would work if done right, and by that I mean keeping a similar story tone and idea as the original. EXE was a reboot, though It definitely went really far from classic aside from Name drops and character re imaginings. I dunno. I just feel that we need to start from M. (not 0, he can come later)
Or just, yknow, 1, good really good, modern Mega Man game to bring the Blue Bomber back to relevance, without the need for reboots.