I like the classic Realms (1987-2008). While 4th ed may not be my preferred D&D I can take it or leave it depending on what aspect of it is being mentioned. Parts of 4th ed were fantastic, other parts were not to my taste. At least it seemed to be good at what it was trying to achieve (balance, tactics etc). Being the forever DM I would play 4th ed or any other edition of D&D if a DM offered to run a game. My tolerence however does not extend to 4th ed FR.
FR is also take it or leave it IMHO. Even with classic FR I thought a few things were just sill (Time of Troubles, Elminster) but overall I like the setting. I like following the events in the world as the timeline advances even if I do not like everything that is happening. I do not like massive disruptin to the Realms such as the planar shift that happened with the 2nd ed to 3rd ed transition let alone the 4th ed realms. In 3 editions of D&D the Realms has had 3 different cosmologies. Beats me why they couldn't have just used the Great Wheel from 2nd ed to 3rd ed like they did for the core rules.
Anyway what I would do is either a reboot back to the original FR or back to 3.5 Realms and pick up the timeline in 1375DR where it left off.
Yes I realise this will likely annoy 4th ed fans of the Relams who may not have liked the classic Realms. THe Realms existed over 20 years with an apparently successful D&D product line with tie in novels and popular video games with mass crossover appeal (Baldurs Gate, Eye of the beholder I,II,II, Pool of Radience etc). FR was popular and like it or not it was the most sucessful camapign setting for 20 odd years in D&D. The 4th ed FR came along with the spellplague and nuked entire sections of the Realms. While I wasn't a fan of fake Aztec/Egypt area of the Realms if they were removed in some whty I would have reffered it to make sense and tie in to existing FR lore. Maybe the Sarrukh for example kill off the Mulhorandi people/pantheon for example. THere are also numerous ways they cold have added the Dragonborn to the setting. Dragons of Faerun for example had dragon eggs rain from the sky and Dragonmen existed in FR pre 4th ed anyway.
Around about now someone is probably gonna start screaming about having their needs excluded and I am being selfish. Thats OK but I kind of have to be blunt here so I will be. Tough luck. I do not like Dragonlance, Ravenloft, World of Darkness, and various other settings, genres etc. Rather than complain about Ravenloft for example I made the conscious decision to just not play it. I do not expect Ravenloft to change to suit my needs, if you like Ravenloft all power to you knock yourself out and go and play Ravenloft.
If you are a fan of 4th ed FR odds are we are going to disagree entirely. One of us is probably going to be disapponted. Even a multi era type FR like Star Wars will not work becasue in a few years the spell plague will happen (ty Grand History of the Realms). One more or less has to retcon that books existence away along with the spellplague to fix the Realms. I supppose they could make the Spellplague the default Realms but I doubt it. If they did pick up the Realms in 1375 and you like the Spellplague you can do it in your home games. If they keep it and just reset the clock to 1375 it will always be there as part of the future in official published material and its not really that far away (6th ed FR set during the SP bleah no thanks).
I do not want a multiera frozen in time FR as the timeline advancing has always sort of being the thing to the Realms. Not everyone likes the metaplot or everything about the metaplot but to me it seems to define the Realms. If one doesn't like the classic Realms I suggest you can always do what I do in regards to Dragonlance and Ravenloft. You don't like it thats fine I understand but why destroy it for those that do? There are plenty of other settings one can use or one can create there own. If you want to kill off all of the FR NPCs, drop mountains on continents and have Drizzt doing tricks on the streets of Calimport by all means go ahead in your home games.
Fear is the Mind Killer