Well I have not yet seen the new Bond film but my understanding is that any previous continuity has been thrown out the window and the series is being "reset". The current "M" who was introduced as the new "M" when Brosnan came on board is now the "M" who is promoting Bond to "00" status for the first time. In other words they are going back in time, while staying in the present. They must have gotten Stephen Hawkings to cunsult on that one.