I think the problems with Lucasarts all along has been their complete and utter refusal to consider any suggestion of selling their IP, even for series that haven't been developed in years, and are unlikely to ever see the light of day again, considering their "dedication" to the Star Wars franchise...
Its a godsend that the rights to the Sam & Max characters have finally been wrestled from the iron grip of Lucasarts - I think in this case, those rights were never fully owned by Lucasarts, and their temporary ownership just expired, and went back to Steve Purcell as the creator... (correct me if I'm wrong on any of this

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I don't think Telltale's decision to produce episodic games is due entirely to time and financial constraints - that may have factored into the equation on some level, but it is more an experiment into a more effective working process and method of distribution.
From a working environment standpoint, most bigger budget games involve a horribly long and unpleasant crunch-time before release, and this only serves to make employees lives hell, and inevitably affect the quality that might otherwise be achieved. With less epic-scale episodic release, the turnaround and quality could potentially be more consistent, and the people making the games are less likely to lose enthusiasm for their work.
It also begins to mimic the proven sales pattern of many mmorpgs to some extent. From a business standpoint - its going to be preferable to have a steady source of income as opposed to an occasional lump-sum.