I doubt we'll ever see it. As much as I harp for KOTOR 3, Lucas Arts has made it fairly clear that The Old Republic is KOTOR 3. While they could recant that and make a proper sequel, I doubt it'll happen. The Old Republic is the first MMORPG in years to seriously threaten World of Warcraft's dominance. It is here to stay and Lucas Arts won't release a product that gets in its way (like KOTOR 3 would) for at least 5 or 6 years a which point a KOTOR 3 would be pointless (they'd be better off rebooting).
Yes, I think you are right, and it's a damn shame.