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As I try to remain unspoiled, the only thing I know about this miniseries is that it takes place between trilogies (obviously), thus starring hermit!Kenobi, and yes, I've heard Hayden Christensen will also show up. Now, as to what he will be doing:
Flashbacks: On the one hand, he's too old for Prequel Era Anakin now. On the other, technology being what it is, that's not necessarily an impediment; I mean, if computer wizardry can give us an entire movie (Captain Marvel) of Samuel Jackson aged down a few decades, five minutes or so per episode for Hayden Christensen should be workable, especially if the Mouse will be throwing money at this project. I don't know who'll script the miniseries, but if Dave Filoni is in any way involved, Flashbacks that take all the character development from The Clone Wars into account would be lovely, and if they manage to work in Ahsoka as well I'm going to lose my mind. That said, I think flashbacks aren't as likely as the next option, to wit:
Visions: Definitely. Much cheaper to shoot, since Anakin/Vader can be any age in Obi-Wan's mind. (And/or if they meet on the mental plane.) I predict he'll sometimes see Anakin how he might have been had he remained light side (similar to Yoda's vision of Dooku in the s6 arc of CW), sometimes Anakin-as-Vader but without the mask or indeed the scars Mustafar has left him with, and sometimes Anakin as Vader without the mask and with the full physical crippling. The later two versions of Anakin will probably be used to argue with Ob-Wan, the first, idealized one for banter. Basically Anakin as Obi-Wan's Head!Anakin, though I doubt there'll be a makeout scene a la Six and Gaius Baltar. :)
Maskless Vader: aka the real deal, not a vision conjured up by Obi-Wan Kenobi. Possibly; if so, only used very sparingly. The ESB scene set a precedent for Vader removing the mask in the safety of his meditation chamber, and the miniseries might feature a similar scene if they decide to do a "Vader hears a rumor about Obi-Wan and almost" catches him subplot (though in that case, Obi-Wan would have to leave the planet, because even Star Wars would be asking too much of its audience if we're to believe Vader met Obi-Wan on Tattoine and never thought to check out the old neighborhood). There is, of course, another possibility; if a scriptwriter runs with "Obi-Wan once thought as you do" and decides Obi-Wan made an abortive attempt to go after Vader to rehabilitate Anakin (and/or kill him for good) once the news that Vader did not, in fact, die on Mustafar makes it to him, or he feels too guilty, and this abortive attempt then is what lets Obi-Wan decide Anakin is gone for good and he'll have to lie, err, explain things from a certain point of view to Luke later. I'm not sure I want that, though. For starters, it suffers from set in stone canon-itis, i.e. we know neither Obi-Wan nor Anakin/Vader can die, and also that Vader remains Dark Side until Luke shows up. (By contrast, because Ahsoka's character was invented after Revenge of the Sith was made, her fate hadn't been covered in the movies, which meant that Rebels could bring her back - and have her encounter Vader to heartstopping effect - without the audience already knowing what would happen.) And also, it works better for me as a tragedy if their encounter in A New Hope is the first time they see each other since Mustafar.
In conclusion, most of my money is on "Visions", without excluding the other two possibilities.
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