If it is set post Episode III, what a fucking DEPRESSING show it would be:
All but three of the Jedis are dead, and one of those three is now a Sith Lord.
The democratic Republic is dead, and the Empire is consolidating its power.
Things can only get worse and worse.
If this show (first I've heard of it, actually) is set post-Episode III, it won't be featuring Jedis. What would it be about -- the formation of the Rebel Alliance? In any case, it would still be fairly downbeat since we know they won't have any major victory until "A New Hope".
