Ew, god no. I'm the exact opposite, I pray that it's made by Bioware. Kotor 2's story was so thin compared to the original. And the ancient race DID NOT create everything, they just created the star forge. Whoopy doo. There are plenty of races that precede those presently in the galaxy, such as the Sith, etc. The Rakattan Infinite Empire was before the Republic, what's so hard to accept about that? And really, the game is about Revan. There's so much character development, you discovering who you are and why you're that way.
Kotor 2 was blah blah last of the jedi go save the universe. You had next to no character development, the graphics hadn't imrpvoed at all since the original, and the game was riddled with the same technical bugs. Plus it was way too easy, etc, etc.
It wadn't a bad game, by any means, I loved it, but next to KotOR, it was inferior.
The addition of Dxun and many Mandalorians did please me very much though. <3 Mando.
Either way, a Bioware-developed Kotor 3 would be a dream come true. I mean, we all want more Revan.
Revan or the Exile. If they would make another, there's no way in hell they'd be able to get away with introducing yet another tragic character that follows the path of Revan, going to the same planets as Revan, copying him, trying to be exactly like him, except that he isn't Revan. Total tosh.
The other major let-down for The Sith Lords was the rushed development. A perfect example is the hidden HK Factory World that was supposed to be in the game. If you get a high enough influence with HK 47, you learn of his quest to destroy the factory that was churning out the Hk 50 models. This never happens in the game, but the files, and partially completed level can be hacked out and reintroduced, partially finished, into the game. LucasArts was pressuring Obsidian for a holiday release of the game, so they had to cut all kinds of material that they had intended on making the final version of the game. To me this is total Bs, as TSL was too short to begin with.
Either way, no matter what, new KotOR > All.