The rumors I've heard suggest that the project mentioned here http://www.lucasartsbioware.com/ is being developed in Austin, TX and is a KOTOR MMORPG. Now, that doesn't mean that even if it's true that it's a sequel to K2 exactly, it could be an MMO set in any of the 4000 years of the "Old Republic" empire. However, I could see it very easily being set up as an MMO if you go with the following plot line:
"The exile has followed Revan to the unkown regions to fight the threat of the true Sith. She has left her new Jedi companions behind to recruit and train force sensitives throughout the galaxy. You have been recruited. You must finish your training and then follow Revan and the Exile to the unknown regions and join the campain to save the galaxy!"
Of course, I think that would be a giant cop out to actually telling the story that needs to be told, but I can see it happening.
I'm gonna go cry now...
ya lets hope no mmo!!