Considering the way TSL ended up, if KotOR III fails to follow up on it, I'd hesitate to call it KotOR III. It would be a terrible disappointment to just abandon where TSL finished up.
Ask yourself what would be more satisfying; actually seeing and playing in "the great war that comes", finding out what happens to Revan, the Exile, the True Sith fiasco and so on in a fast paced, compelling, twist turning video game, or just hearing about it in some lame, half assed history conversation with a Jedi Master many years down the track?
TSL is just crying out for a follow up to it. Hell, just take a look at heaps of the UR threads on this forum and see how many of them don't mention Revan, the Exile, the True Sith etc in them. I know what'd I prefer, and I'm almost 100% certain the majority of the KotOR fan base agrees with me.
"Here is my final point. About drugs, about alcohol, about pornography and smoking and everything else. What business is it of yours what I do, read, buy, see, say, think, who I ****, what I take into my body - as long as I do not harm another human being on this planet?"
~ Bill Hicks