First Class: In or Out of Continuity?

So, I just got back from the film! (And pancakes afterwards.)

The non-spoilery version is: I adored it. James McAvoy and Michael Fassbender lived up to the examples of their illustrious predecessors. It was just as slashy as James McAvoy said it would be. (Um, not that James McAvoy put it in those terms, but ...) While there were a couple of things I didn't like, I thought that it was a wonderful movie in almost every way. Did I mention it was slashy? The scene with the satellite dish damn near killed me. (You will know what I'm talking about when you see it.)

Since almost nobody else has seen it yet, I will avoid posting my spoilery speculations for a few days. However, I thought people might be interested to know how the film fits in with the previous X-Men trilogy and Wolverine. There are no specific spoilers below the cut for anything outside the trailers, just some general impressions.

( My verdict below the cut. )