Lots of interesting tidbits from this joystiq article. I like that they are taking the "Playable even if you've never played the other games" approach. I played the beginning of the first but never picked up the second and wasn't sure either would hold up if I tried to go back to them today.

http://www.joystiq.com/2012/04/02/penny-arcade-adventures-episode-3-revealed/

One thing a reviewer of games should never do, Make a game.

It looks like its just Gabe and Tycho. What about my character from the first 2 games?!

Edit: On the plus, it looks like locations from the previous games like Hobo Ally and Pelican Bay return so that's cool.