There was also a valid argument about BG II Shadows of Amn not being tied to the setting of the original Baldur's Gate. However, there was one area common to both BG I & BG II ... anyone remember? ... Candlekeep. In BG II it was only in the dream sequences, but it did appear quite often and on into Throne of Bhaal. That was the tie-in in terms of a setting continuity, and it also served to keep the central theme of "coin on edge" going. If BG III is really a thematic successor to the older series, then I think somehow Candlekeep needs to be brought into play.
On the other hand, that's probably not too exciting when compared to possible new areas like the City of Brass!