Instead of listing what I'd like to see in the new game, I'll sketch out my biggest problems with the original.
1. What I disliked the most--what kept me from even finishing KOTOR--was its relentlessly adolescent political correctness. Every culture you met in the game was somehow superior to your own. Sand People (just plain evil in the movie, weren't they?), Wookiees (did I spell that correctly?) all had to lecture the player about the evils of colonialism or something. Corporations are evil. Blah blah blah. I don't care what a game's political viewpoint is--just keep it subtle, don't shove it in my face.
2. Related to the first point is the stock nature of the npcs. Sanctimonious Carth was the most annoying npc since Virgil. Then Mission--gosh, a plucky little girl character with a cute voice!
3. Finally, if you're going to make certain areas inaccesible, please don't block them off with a four inch wall that for some reason I can't just step over. I realize that games must be limited to a greater or lesser extent, but the way this was handled in KOTOR was just insulting.
Well, ok. I actually have quite a few more problems with the game than just those, but I'll stop before getting carried away. I think all of us here believe that the folks at Obsidian know what they're doing, and have the talent necessary to make a great game, even if it's based on such a faulty one as KOTOR. I just hope they're not pressured into dumbing everything down.