The series already got a reboot with the Nick series. They should have pulled a Jimmy Neutron and just released the pilot theatrically (with better animation).
As for a film series, I don't see why it shouldn't have a reboot. Just not this one. In fact, the 2k7 movie? It's actually a loose sequel to the original film series... or at least a theatrical version of the 2k3 cartoon... only CGI, and with more celebrity voice actors. In fact, there's a rumor that says the reason they cut the marriage proposal scene from the film is because they wanted to do it in the show. Even though it's supposedly a different continuity.
As I was saying, the look of the turtles doesn't bother me too much. I've been desensitized by the ugly CGI versions of characters. From Garfield to Scooby-Doo to the Smurfs... the whole "this is how they'd look in real life... like abominations" gag. It's like we're supposed to have that much suspended disbelief that we can believe that we can have talking dogs, cats, bears, little elf men, and turtles, but they have to have realistic features or the illusion is dead.