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Everyone seems to think it's KOTOR online. Well, this is just my opinion, but it would be silly to make ANOTHER Star Wars game, much less another MMO based on it, regardless of timeline.
I'm halfway through the Mass Effect book, and I can already see how this game could EASILY fit the MMO build. Tons of different races, combat tactics already showing it's colors, a huge universe to explore, etc.
After reading some of the reviews of Mass Effect, and the reviewers comparing, and sometimesclaiming to surpass the Star Wars story, makes it even more likely that they would develop an MMO based on it.
And to top it all off, I found this quote:
"We aren't commenting on the MMO and what it may or may not be yet. Could it be Mass Effect? Maybe. Could it be about 10 bajillion other things instead? Maybe."
Chris Priestly, Community Coordinator, Bioware.