I haven't been keeping up with TOR updates as much lately, but decided to try and catch up a bit today. Sifting through the TOR site I found this Q&A response that I liked:
Q: Will characters from Knights of the Old Republic be mentioned and will events from Knights of the Old Republic II have an impact on the game? (asked by Forcemachine)
A: All I can say for the KOTOR and KOTOR II fans out there is you will not be disappointed. The Old Republic has been written from Day One of development with the idea that it was a true sequel to the original Knights of the Old Republic games. For folks that have not played those games, you will certainly feel right at home as well, but to get the full backstory we do encourage players to play KOTOR I and II. Or maybe at least read the Wookieepedia entries!
I know it doesn't really say anything we haven't already heard, but as a huge KOTOR fan, I found this comforting. I wonder how much of the story it will touch. We know we'll learn more about Revan, but how about the Exile? What about Bastila? Atris? I'm curious to know how much they choose to revisit.