Hey, all I can say is, if this is true, I hope it pans out, because this is their (whomever decides to develop it) chance to get it right (a true sequel to JK).
Hey, I hope a few things happen, namely
1) It actually comes out.
2) It's for the PC (if it gets ported to other systems later, fine, but quality shouldn't be compromised so it can be a console release)
3) Editing would be nice, but if it is going to be like the editing for Obi-Wan was going to be, that's fine. A better game that's harder to edit is better than a weaker game that's easier to edit, IMHO. I'd rather buy a good game first, not merely an "engine."
4) They get some of the talent who worked on DarkForces/JK/MotS to at least help out or oversee it, that always helps.
5) Whomever it is takes their time and makes a good, fun game, that's released sometime in the next decade.
I am pretty excited by the news, but I will keep my excitement in check until I get official word from LEC. So don't anybody start flaming LEC over it or anything, let's just see what happens... hopefully something good, fairly soon. ; )