Oh bloody hell I hope not. I know they think they've cracked the multiplayer RPG experience with TOR but I'd rather they not expend time and money shoehorning this into a series that has up until this point been very much a single player experience.
Best case scenario it's just an optional feature that allows up to 2 extra players to directly control the squad mates in combat only. Anything more than that and it'll almost certainly diminish the final product.
As for that artwork on the cover: I hope that's not official material. It's about as dodgy a photoshop job as I've ever seen.