I used to play but quit long ago. After the better part of a year of playing WoW I'd had enough. Yes there was new content being added along the way, but over time it became the same old thing no matter what was added.
That describes all MMORPGs. You either like the gameplay or you don't, and if you do like the gameplay, you can't find anything better than WoW, and in fact, WoW is so vastly superior to all other current MMORPGs that it's no contest. There's WoW all alone at the top, then there's the 2nd tier consisting of games like EQ2 and LOTRO that are very good, but nowhere near being in WoW's league.
KOTOR was a great game and even though it was a Star Wars setting it was generic enough to support a huge and believable campaign. So, if they manage to nail down solid gameplay it could be a nice offering. KOTOR actually played a lot like an MMORPG. The fact that Sony isn't involved is another plus for them.

I hope it works out. I'm still enjoying WoW and the expansion is coming, but it'd be nice to have an entirely fresh MMORPG to explore. LOTRO was the last MMORPG worth spending more than the free month in away from WoW, IMO, and although it's very solid it is simply lacking in features or content compared to WoW (which is how you can describe any MMORPG compared to WoW).
"can Bioware/EA be the one to beat Blizzard at their own game?"
WoW would seem to be a freak of a game - since it blew the doors off the MMORPG genre and radically altered the landscape and expectations for the genre. But Blizzard has had similar success in other genres, especially with Diablo.
Love or hate WoW it's hard to deny that Blizzard has an incredible knack for nailing it when it comes for designing fun and addictive games that appeal to huge numbers of players.
So anyways - I seriously doubt anyone will "beat Blizzard at their own game" anytime soon. Make a good product? Yes - that's possible. Do unto WoW what WoW did the the rest of an entire genre? Very, very unlikely.