I thought that the whole reason that Bioware created KotOR in the first place was because they wanted all the lightsabers, force powers, blasters & droids, etc, but without all the restrictions of holding to the movie time period. By placing thier story 4000 odd years in the past, they could start fresh. The same is true for TOR, by setting it 300 years after TSL, they have more freedom to bring in new characters and story plots.
As for a MMO, I'll have to wait and see how they do it before I judge it. I personnally prefer to play games with great stories. I like reading, and games are like an interactive novel to me. We just need to hear more info...