EDIT: Jade Empire doesn't really fit, so I'll go with Observation instead. I'll still argue you're better off not knowing anything about KOTOR aside from being an RPG in the Star Wars universe.
Yeah, definitely. I've still managed to finish it some 20 times but going in blind the first time really contributed to me loving it so much.
I'd also argue you shouldn't look too much into the sequel. Not because of any "thing" in particular but because it's more fun to immerse yourself in the game and slowly begin to unveil all the major themes of its story.