Mass Effect 3

The third game in the series is planned for a 2012 release date. Casey Hudson commented that Mass Effect 3 "will be easier because we don't have to worry about continuity into the next one."  However, decisions will still be imported from Mass Effect 2 to Mass Effect 3, as to keep continuity within the series.  Casey also said in an interview at the Consumer Electronics Show that BioWare is already at work on Mass Effect 3.

From the 2010 VGA's:

A teaser trailer was revealed on the VGAs on Dec 11, 2010. The trailer depicts a British soldier taking cover inside the ruins of Westminster Palace, commenting that casualties of a battle on Earth are in the millions, and all defenses have been either destroyed or are regrouping. The soldier takes a few shots with his sniper rifle at a target outside in the courtyard below. The trailer ends as the battle heats up, Reapers touch down in London, and the soldier comments that if Shepard doesn't break the siege of the planet soon, there won't be an Earth left to save. Shepard himself is observing the chaos from orbit.