From what I've read, the story revolved around Tonto, Native Americans and werewolves. The Lone Ranger was diminished to almost being Tonto's sidekick.
If that's the case, good for Disney. I'd love to see a new Lone Ranger origins movie (go into detail on the killing of the other Rangers and how he and Tonto became friends and partners). This treatment sounds absolutely terrible.
I'm glad they killed it and hope it will be revived with a new story that's closer to the source material.