No, I don't think it needed more time. No, I don't think BioWare should have handled this. BioWare is busy with its own IPs right now (three of them) and Obsidian has done well to step up to the plate.
Now, when I get the game and play it, I'll judge what I like and don't like, and then I'll decide if Obsidian lived up to the first game.