The cringey Casino Royale movie was a spoof of the first Bond novel. Thankfully this version will be an updated adaptation!
I'm none to clear on how it sits in Bond continuity (if there is such a thing) but I'm sure they'll work it out. I understand they want a younger Bond to renew the franchise, so by starting with his first mission, it's the ideal starting point. Whether Judi Dench and John Cleese reprise their roles, I wouldn't be surprised.
I heard the idea of Bond being a code name, but with some of the dialogue given in the movies to date, that just doesn't fit.
The real shame is that casino royale is the Bond movie Brosnan wanted to do with Tarantino!!!!