So they've basically decided to make KOTOR III an MMO, which really sucks, but oh well. I think that Lucas should make a third rpg game, and here's how the story should go.
You start out as a created character, a young Jedi padawan, sent by Carth and Bastila to find Revan and the Exile. After a few missions, you finally find both of them on a planet past the Outter Rim tracking the ancient Sith. At this point, you can decide whether to continue the game as your character, or switch to either Revan or the Exile. After that all dialogue and decisions will take place from that character's perspective, and you choose what path that character follows. But whatever character you choose to be, your original young Jedi will then become the apprentice of Revan (unless you choose to be the Exile, in which case the padawan would become your apprentice). The master/apprentice relationship is something that was lacking in the other games. There were characters that gave you advice and guidence, and visa versa, but there was no real training or mentoring (Kreia and the Exile was close, but it didn't really play into the story). So if you remain the padawan, you would be trained by Revan, and if you become one of the other two characters, you would be doing the training. There are a lot of cool story possibilities if they did the game this way.
Also, have a character introduced to the party that would reveal the origin of the name Skywalker. He wouldn't have to be named "Skywalker", since Anakin and Luke were alive about 3000 years after KOTOR, but he could have some sort of variant or similar name that we could easily see being change to Skywalker later, like Skai Vaikar. Just some thoughts
