EDIT- Found a video of how the toy/game connection works-
[youtube]Ui3GRImyzfs[/youtube]
Looks like the portal connects to the game system somehow. It's for multiple game systems. You place the action figures on the portal and it loads them instantly into the game. Take the character off and he disappears from the game screen, asking you to place another figure on the portal. The figures also seem to have some sort of embedded memory storage inside, the guy mentions being able to save your stats/money/etc inside the figure and being able to take your figure to a friend's house and transferring your stats into his game. Seems like a very cheap gimmick that will rip off a great number of people. Kind of like a possibly more expensive (and more wasteful) version of DLC.
I'm holding off on my opinion of the game itself until it's out. But i think everyone (or most) seem to agree that this is a perfect example of corporate whoring at its worst. It's a terrible idea.
I have to agree with the PS1 classics being the best by far. I won't ever contest that, i love them myself. I do have to admit though, i have enjoyed a few Spyro games after Insomniac left. I didn't think Enter the Dragonfly on Gamecube was as horrible as everyone says (i find it decent, but keyword being Gamecube, PS2 version is just terribad). I also enjoy Hero's Tail. It was the final game in the original Spyro timeline before they rebooted it so i have a bit of respect for it. And a guilty pleasure for me are the Spyro games on GBA (or a few of them). Season of Ice, Fire, and Attack of the Rhynocs i liked (thought the perspective made things confusing). And i enjoyed Eternal Night, the only title in the rebooted franchise that i've enjoyed, and it was on GBA no less. It's a pretty fun 2D platformer. Can't really stand anything else though.
Just a shame Insomniac can't just return to the helm. I wish they'd "reverse reboot" the franchise. Dunno why that has to be impossible. I've only heard of Ubisoft doing it with Prince of Persia Forgotten Sands (after rebooting it with Prince '08). I guess the current Spyro owners just don't want them around. Crash Bandicoot suffered from the same fate...