i started worrying about this studio's future when i saw their new game is a dungeon siege sequel.
so far it just seems like obsidian hasn't been free to do their own thing on their own timetable. they're always doing somebody's sequel bitch work. kotor 2 was the worst, a young team without the clout bioware had to tell lucasarts to fuck off and wait for a good game.
then again it seems to go the other way too, they dallied around with alpha protocol too much, it should have been their breakout top shelf title. they pulled a valve and totally revamped the design halfway through, scrapped a lot of material and repurposed more to suit the new gameplay direction.. they just didn't get a half life out of it. it seriously needed probably another 6 months of content generation and polish, minimum.. co-incidentally about the same amount of time sega had them shelve the game without funding more work on it.
all this said, i've sincerely enjoyed every obsidian game i've played. i never encountered any of the supposed crippling bugs in nwn2. mask of the betrayer was superb. alpha protocol was a very solid game (after the intro saudi arabia levels which were bad enough to almost put me off it). there is nothing fallout 3 did better than new vegas.
i think there's a lot of talent in need of better leadership and better luck.