Seems another Mass Effect is in development but this time they've moved to DICE's Frostbite - http://blog.bioware.com/2012/11/12/an-update-from-bioware-montreal/
the style may be similar, but is clearly completely different. http://www.blogcdn.com/news.bigdownload.com/media/2009/12/section8jan22.jpg ours looks more badass. lol