Bastila is one of the few Jedi remaining by the end of Kotor2. She may even be the only one as the Exile leaves known space, and none of the crew from Kotor2 are certain to be trained Jedi (since it is entirely optional).
So I think that if an eventual Kotor3 takes places in known space and not too long after Kotor2, then Bastila will have a role in re-building the Jedi Order.
She probably won't be a party member, although I would like it so.
Originally Posted by KotO[REvan]
HK-47, T3-M4, and Mandalore
Talk about characters whose stories has been told
The only one which have any reason to be in the party in Kotor3 would be T3-M4 because of the Navi Computer. Hk-47's comments were funny in Kotor, but tedious in Kotor2, no need to see any more of that particular droid. Canderous already has the task of gathering the clans. It was ridiculous that he could join the party in Kotor2. In kotor3 he should only appear in cut-scenes if even that. His story has been told.
Originally Posted by EagerWeasel
but everyone else should be new.
Considering the boring, shallow, 2-dimensional and uninteresting characters Obsidian came up with, I'm not particularly keen on "new" characters.