True, the Jedi/Sith conflict is very interesting, but I think star wars has always done a good job of showing that, and KOTOR really builds on that, making the world seem more realistic. My only problem would be that you wouldnt be quite as much of a badass. I did always kind of wish though, that you had more choice in KOTOR about whether or not you even wanted to be a jedi in the first place. It would have been neat to me if you didnt neccesarily have to do so.
If I run out of Admirals, I'll just promote a few stormtroopers!