I am an active member of the Bioware forums, and developers have been talking about their cool Bioware MMORPG for nearly a year.
1. It would be implausible if their MMORPG were actually based on a LA based IP- simply because they were enthusiastic about it for so long as something they have developed which in fact dealt with a lot of the problems with the traditional game play in MMORPGs. It was this MMORPG that got EA interested in them in the first place.
2. Given that they mention in the press release that this new property will be jointly written and developed by both LA and BW-it seems even more unlikely that this is their original IP based MMORPG.
3. It would be strange if Bioware developed two MMORPGs at the same time.
I am feel confident that this new jointly developed game is not an MMORPG. It needn't be KOTOR mind you, but it is definitely not an MMORPG IMO.