That was the idea yeah, but did it really turn out that well until now?
Fallout New Vegas could get a pass because it's a project on top of an existing engine, almost untouched, with Obsidian just building content and new assets for the most part (yeah, there has been a rebalance and all that, but from the tech pov, they haven't changed much).
But Dungeon Siege III is, as far as we know, a project done from scratch, worked on their proprietary engine, and with an existing franchise. Sounds to me that if they want this to be polished and published in a decent time (assuming they don't pull another Alpha Protocol again, announcing the game, and ending up publishing two years later) they'd have to work on it with a slightly larger team than usual, and it wouldn't hurt if it was managed.. well you know, how can I put it? Decently, yeah, that's the word.
What? I just said Obsidian have been working on three projects at the same time since 2006, with two in full production and the other in pre-production (except for AP + Aliens +SoZ situation). Sorry but I don't need your long explanation about game development and project management. I trust Obsidian's opinions more than yours.