From what I understand there are A LOT of references to the first three so one that has played them will enjoy the game a lot more BUT being a new unexplored part of the world and being with a new main character, it should be a good starting point for newcomers.
Just take into account that there will be a difference in gameplay between this and the originals (not as big as between Fallout 2 and 3, but still a good difference) if you then want to go back and play them.
My gaming nowadays is exclusively console, which is why I'd try this game out since I see it'll have a 360 release version. Aren't the previous three PC exclusive? So I don't think I'd be trying them out either way, unless they'd run on my current POS PC (I can barely run NWN2 on here).
Playing a console game from a German developer that never made a Xbox/PS game before, is, to say at least, a very adventurous undertaking.
In other words, I believe that the console versions of Arcania will suck.