Well, we get a new Monkey Island from Ron Gilbert no less. So if that does decent at least, maybe Microsoft/Xbox says go to Schaefer.
And you brought up the idea of turning it into an RPG. I haven't thought about it, but such a genre jump might be feasible. Must be turn-based to keepwith the nature of point&clicks, but an RPG would still allow puzzles and talking to different people only add another layer with abilites. It wouldn't need to add fights at all, the increasable abilites could influence solutions to puzzles or give more speak options with people or other stuff.