What that property is remains to be seen. Obviously it's not going to BE Star Wars since House of Mouse now owns that and made a big point of killing off Lucas Arts right after acquisition, apparently having little interest at the moment of making videogames around its new franchise holdings. (which if you ask me is a pancake move considering what they could have done between the marvel licenses and the lucas talent)
They killed LA's development arm. Its production side is still active, as I understand it. It's possible EA/Lucasarts could get together and publish an MMO like they currently do with TOR, while SOE develops it (like Bioware currently does with TOR). Now, that wouldn't make a lot of sense, seeing as LA was the reason SWG was shut down; believing it and TOR couldn't coexist, but maybe the Mouse was able to persuade them otherwise. After all, I believe there are (or will be) two Marvel based MMOs going.
Btw, we know of at least four SW games coming out in the near future: one being a space shooter game called Attack Squadrons, the new Battlefront game being made by DICE, an unnamed game by Visceral, and finally
an as-yet-unnamed, open-world, next gen game.
So I wouldn't say they have "little interest" in making Star Wars video games.
Still, I doubt Smedley was talking about a revival of SWG/SWG2, anything related to Star Wars. Probably just a game that is based on Galaxies' design, but without all the mistakes they made.