I haven't played Mass Effect, so maybe Bioware have gotten better, but KOTOR felt way too "collect four magic items and defeat the evil bad man", whereas KOTOR2 was much-more indepth. It just got raped by deadlines.
I also hope the third installment moves away from the major problem of the other two KOTOR titles - light/dark choices. Whilst KOTOR2 improved on this by adding more "grey" viewpoints and options, it still felt like your decisions boiled down to "Be an angel" or "Be a sadistic pyschopath".