This is a tricky assessment. To be sure, I figured Catwoman would be making an appearance this time, with Rachel's death leaving an empty void. Anne Hathaway is an excellent actress, so I'm sure she'll be able to pull off the part.
As far as living up to the potential of the predecessors goes, it can't do that or rather, it shouldn't worry too much about it.
Heath Ledger's performance in The Dark Knight was phenomenal. It was a real class act that really brought the house down. Sadly, this was also the reason for Ledger's death, a fact that cannot be overlooked. Expecting any actor reach that level is not only unreasonable, in the wrong context, it could also be problematic, if not fatal. I'm not saying that actors and actresses should not be trying to give their all; I'm saying that there are limits on how far they should go for these roles.
That said, Ledger's performance was not the only thing that made the movie a success; it just wound up as the most noteworthy. Nolan's direction was a very appreciable choice. He reinvented Batman in such a way that made Batman himself very easy to relate to without being contrived. Not one of his choices was out of place or jarring in the least, and it was really easy to get into the movies. The issue here is what happens when a movie tries too hard to meet up to the standards and expectations set by the previous installments. It's...like when an athlete tries overworks him/herself; he/she could instead strain something in the process or otherwise cause themselves indirect harm, thereby weakening their performance. This is the biggest threat to Nolan's work right now.
To this I say one thing: Forget 'US!' Our expectations are what could cause the franchise to fall to ruin here, so instead we should be ignored. Nolan can only do one thing: Keep doing what he's doing, learning from the past as he goes. With things as they stand, he won't have any problems creating another blockbuster. That's what I believe.