I think they just got busy with other projects, Jade Empire, Mass Effect, and Dragon Age. Then EA started Bioware Austin and had them make SWTOR, which is sort of KOTOR 3, but it's not really the KOTOR 3 that everyone was dreaming of. But now that EA has bought the exclusive rights to make Star Wars games for the next 10 years Bioware is supposedly working on another Star Wars game. It may not actually be KOTOR since SWTOR is kind of KOTOR 3, they could be working on something else in the Star Wars universe, probably an RPG though since that's mostly what Bioware makes. It'll probably be 2 years at least before it releases though, Bioware Edmonton would likely be the ones developing it, and they just now finished Dragon Age: Inquisition. A small team may have been doing pre-production work for the last year or so since EA got the Star Wars rights, but it'd just now be entering full production. 

MS needs to get another exclusive for next year imo. Fallout 4 would be huge if they could swing it, not sure if it's releasing next year though, Bethesda didn't announce it at the Game Awards last week and Bethesda generally announces games a year or more before they release so that they have adequate time to build hype. It could possibly be announced at E3 and released in Q4 though.

If you're a Sherlock Holmes fan, Sherlock Holmes: Crimes and Punishments is a good adventure game, I gave it an 8/10. I've heard good things about D4 but I haven't got to play it yet myself. Don't think there are any other adventure games on Xbox One right now, more are coming in the future though. On PC Broken Age is a good aventure game, the first episode has been out for awhile and the second and final episode is releasing early next year.

For Xbox One, 360, or both?  

One that a friend praised that I haven't jumped into yet is a rerelease called Syberia (360 arcade).  Haven't gotten around to playing it yet.