I think that if there's anyone who can do justice to sam and Max it'll be Telltale games. Episodic starts to seem like a really good idea after a while if you think about it for a while (Imagine playing them end on end and it'll be almost exactly like the comics. A bunch of short little random tales which all come together to make one big super tale). Also, as the games go on and Telltale gets more money they can afford to get larger teams and therefore make even longer games. It'll all work out I think.
Also, I enjoyed Psychonauts immensely but Tim Schafer has kind of pissed me off when he appeared in an article of PCPowerPlay (An Australian magazine) and basically said that he thinks Adventure games are too old and [unevolvable?] now.