Just What Is The Mysterious Bioware/LucasArts Project?

The Internet is really good at one thing, and that's fanning rabid fan speculation.

Bioware, acclaimed computer roleplaying game developers of titles like Neverwinter Nights and Jade Empire, announced some time ago that it was working with LucasArts, as in George Lucas, as in OH MY GOD OBVIOUSLY IT HAS TO BE ABOUT STAR WARS RIGHT,

A large fraction of people are desperately, so desperately hoping for the project to manifest itself as Knights of the Old Republic III (henceforth to be known as KotOR3), but more skeptical folks believe this will be an MMORPG set in that same era. Now, I'm on the side of the KotOR3 hopefuls, but it's probably about as likely as a red lightsaber decapitating me next week.

Personally, an MMORPG would serve the financial purposes of LucasArts, given that once-respected and once-decent Star Wars Galaxies got massive exoduses out of outrage from their almost complete change to the game some two years or so back. ("Whaddya mean I can start off as a Jedi? I want to earn my way dammit! Unlock 30 Master careers first!")

An educated guess would require taking a look into all known (as well as unknown) factors. One: Bioware has previously denied any involvement toward a third KotOR game, sure, whatever. Denials from developers tend to mean little in my book, but I'm seriously hoping for KotOR3, so perhaps I'm biased. Two: Apparently, news has come out about Bioware making a non-Star Wars MMORPG, so could they possibly have space for a second massively multiplayer online game to be concurrently developed?

Third: with many upcoming Star Wars-y projects, such as The Clone Wars both in an animated and film form, combined with a rather promising The Force Unleashed multimedia project with books and games, if an MMORPG were to be made, it would make a lot more sense to set it in the Post-Revenge of the Sith era. It's a lot more flexible: the Rebel Alliance is in its early beginnings, the Empire begins to consolidate itself post-Clone Wars, it's a bridge between the maligned prequels and the revered original trilogy. With a live-action television show apparently being considered (or is this just an idea that grew into the more advanced editions of The Clone Wars?) to be piloted around mid-2009, it would give a perfect development time for the developers - now I'm not saying it's Bioware - to refine the product in time for a coincided release.

A wise sabacc player, I here believe, would put money on a Post-ROTS MMORPG and/or KotOR3. Those seem like the most logical steps to take, as well as the most fan-appeasing ones. Let's not forget both potential titles would essentially serve as replacements to "weaker" games: Galaxies and KotOR2.

EDIT: Also, having forgotten nearly completely: it would appear some are speculating that an announcement will be forthcoming around February 18-22. What a perfect time to write a post regarding the matter.