Depends a bit on their capacity too. They almost had two teams working when Kotor2 was finishing and NWN2 started, but they might be down to one full team again (NWN2).
They might play it safe (as safe as anything in the VG industry) and go with that for a while yet, keeping themself entertained for the next year.
They probably do have more than one idea for something they would like to do, but they also have to get aquainted with the various publishers out there, while shopping for investors.
While there is no chance of them ever saying something outrageously bad about LA or Atari, they are bound to get some impressions of how these two companies would behave as potential publishers for a third game. They might just want to try a third one to see if the shoe fits better there (Activision ?). It was easier when they were BIS, for good and for bad they had exactly one possible publisher.
Odds are, they might follow the Bioware strategy and do the easily digestible stuff (action oriented, short game length, munchkinism, newest technological buzz words, some kind of sex appeal for the 14-17 year olds etc.) for the widest possible market. Few, if any developers can do the work they want to do, whatever that might be, but the work they can get. The better developers might have some influence on the what they get, but free hands ? Don't think so.