My current thoughts with this project is not quite the scenario since it's been stated in that article that they already have a plot in place.
My issue is that Obsidian has always had to play "Underdog" to BioWare, seeing how they had to create the sequels of NWN and KOTOR because BioWare wanted to go original with Dragon Age and Mass Effect. Also seeing how both series pretty much failed with ME3 and DA2 (Also the almost total failed launch of TOR), it's no wonder that Obsidian is trying to use this to their advantage by pitching the "unofficial revival" of the Star Wars RPGs. That and they don't want to pick up the pieces that BioWare made with Mass Effect 3, Dragon Age 2, and SWTOR. They want to make something they came up with themselves, and get 'er done.
That being said, Obsidian has A LOT of catching up to do if they want to "dent" the leftover fumes of the BioWare war-machine. Alpha Protocol, and Fallout New Vegas while being cult hits didn't even impact the surface of their former sister studio. Obsidian needs to design games that are of the "current generation", I'm not saying Project Eternity is a failed revival of Baldur's Gate-style games seeing how the actual Baldur's Gate title was actually revamped recently is now for sale for 20 bucks on most digital outlets, but the fact that Mass Effect and Dragon Age (at least the first few titles) ushered in a new age of RPGs...Obsidian needs to realise that obviously making some in the style of KOTOR will just be seen as clunky, old-dated, and "been there, done that". I mean for goodness sake the first Mass Effect was just KOTOR on steroids, thus why for the second and third mass effects BioWare totally revamped the combat system, only to the problem of just making the two sequels basically just "Glorified Shooters".
Not only that but "The Force Unleashed" games also failed at being registered to many fans as being "canon", seeing how Darth Vader having an apprentice and all that was just mere ridiculousness, regardless if the actual combat was fun or not. That and making Star Wars 1313 pretty much a "Mature" Uncharted game in the Star Wars universe, with the fact that all the footage shown up to this point was merely a demonstration with placeholder assets; we have no clue where that game is headed either.
The best way for this RPG to shine above all the unsuccessful titles that came post-KOTOR is for Obisidian to make the story plausible, something that actually convincing enough to be "registered as canon", and have a more fluid travel and combat system that made the KOTOR games "meh" sometimes. I have played KOTOR(1) a few times but I have SO MANY problems with these "chokepoints" in the game where you felt complete lost or completely underpowered during a scene, combat or not. BioWare mostly fixed those problems, but in games that were not Star Wars related. Obisidian would have analyse how these games have progressed and make this new Star Wars RPG fluid and deep enough that hopefully it will be right up there with Mass Effect and Dragon Age.
With all this work is being done at Obsidian, another issue is the game engine itself. Alpha Protocol and Fallout New Vegas to say the least are nowhere near as "stunning" and "masterful" in the graphics department as Mass Effect or similarly AAA Action/RPG. Obsidian will have to ditch the crude engines they used for those two titles and make something that is actually presentable. The two KOTOR games were some of the best looking games for their generation, seeing how just like Republic Commando (love that game) the only console that could run it was seemingly the original Xbox. That and it only took 'til the demonstration footage of Star Wars 1313 that a Star Wars game was finally able to "micmic" the atmosphere of Coruscant from the movies. The Old Republic totally botched up by using a style that is reminiscent of Late 90s 3D cartoons. Yes, I can excuse "Lesser Graphics" for the sake of compatibility with PCs with ranging hardware, but it just looks...bad. I mean the original KOTORs in many ways look better than their MMO successor.
I guess I should end this almost-endless rant of mine, but I just HAD to get it off my chest. Here's hoping Obsidian gets approved and gets this project devved!