Well there's been lots of rumour about it but it's been confirmed, Mass Effect is to become a movie!
Looks like Legendary Pictures will be responsible for its production (they've made films like The Dark Knight, Watchmen, 300, etc.) and will have Thomas Tull, Jon Jashni and Avi Arad (producer of Iron Man, X-Men, Spider Man etc.) at the helm. Thankfully, BioWare's Ray Muzyka, Greg Zeschuck and Casey Hudson will have a say in the production as well (which I think is what has been sadly lacking from previous game-to-movie conversions).