Only problem with the episodic formula is we'll probably never see a chapter as big as Part II in MI2. Travelling between full blown islands, solving puzzles in any order, completely non-linear in a way. But then again, none of the other games had that either. But I'd still love a chapter like that again (no Spinner Cay doesn't really count).
Also, you can be sure that if LucasArts decides to make a big budget Monkey Island game, it will be 3D. Not an issue for me, since today 3D can be potentially incredibly good looking. But I would assume Bill Tiller wouldn't be an option, since he's basically a 2D artist.