Considering episodic releases: I'm not completely against it, but Feargus Urquhart's example wouldn't be my choice. If a game would need to be divided, it should only be tripled and offer at least 20-25 hours of gameplay per episode. The more important question for me would be if areas would be left seperated from another or if the following episode could really expand the game as a whole. Simply speaking: Would these epsiodes really emerge to one bigger game or would they feel to be seperated? The first choice is acceptable for me, the second isn't - and right now most epsiodic games use the seperated approach
Thinking of a "Skyrim-like" experience I have my doubts, too. I'm just not a fan of Bethesdas style of offering vast narratives but lacking in telling an interesting main plot and creating deeper main characters. FONV succeeded over FO3 for me, but the main plot also wasn't that good.
If Obsidian would really choose such an approach, my willingness to back a new KS campaign would depend from the setting. Everything that's just a variation of the typical world of Tolkien and DnD - no more Elves please - or an universe like Mass Effect doesn't really need the help of us and both worlds are so worn-out for me.
I really wished, that a new KS would offer a world that would be more fresh for RPGs. Perhaps a Western scenario that could use steampunk elements, a dimension
similar of the time of the American and French Revolution or as my favourite a scenario playing in the ancient world where greek and roman mythology could offer enough inspiration for races and magical elements.