Agree with your analysis
it'll be MMO content all the way now with story content only because the rest of the game has it i.e. releasing content without story would seem weird.
I don't think we'll ever see any more class stories - for the reasons mentioned - and even then, I'm betting that the new content will have mostly alien language (ie subtitled) dialogue with the 'stock responses' from us.
I wish in a parallel universe we had got to see the KOTOR 3 RPG though. Oh well!