Well, I'm not going to get all the techincal things in the game with this post, my big thing is the story, its what really makes the game good. No more five years spans of time, if their going to make it, let it be right after. Make the third one bigger, on more of a galactic scale like the first one, thats why I dont think the second one was that good, it was based more on your personal quest, and I personally like the whole, "The fate of the Galaxy rests in your hands." feeling. In KotOR it felt like you really affected people, for the good, or the worse, it should the Galaxy with a larger view, and sent the message to the player that "This is it, this is what your fighting for, this is the ultimate prize, conquer it or save it, its up to you. Everything in KotOR felt ten times bigger than everything KotOR 2, it really did have that Star Wars feel, I believe the first one had more freedom. KotOR3 should have that epic feel like the first one.
I would like to see them explore the past of Darth Nihilus, he died to quickly and I expected A LOT MORE out of him. Perhaps there is a way for him to return.
If you notice, that both endings in KotOR 2 both zoom out, and focus on the golden cluster in space right before the credits. I believe that to be Sith Space, and thats where I think Kreia was talking about Revan going to. I do not believe that their all gone, and Revan has left to fight them, I see that the main evil villian may be a True Sith. Their should be more characters from the new game, and your party should be cooler than it was in KotOR 2.
I would like to see Revan in KotOR three, I have a feeling you may get to slect what he looked like. If I think of anything else I will post.