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Mass Effect has a peculiar licensing scheme. The first title was published by Microsoft on the 360. While the later PC port was published by Electronic Arts. Which means to me that Microsoft and Electronic Arts came to an arrangement. Microsoft ceded its publishing rights for some form of consideration. Otherwise it is hard to imagine Microsoft throwing away all the money they had previously invested. The reality is that Microsoft probably secured the exclusivity for the rest of the series from Electronic Arts as part of their arrangement.

Which was probably not a major issue with Electronic Arts. They purchased Bioware at that exorbitant price due to their internally developed MMO. That is where they fully intended to make back their investment. So for them Mass Effect is actually a small detail, and not their primary focus. Though I am relatively sure that they would have secured all MMO rights to the universe.

Further more beyond that Bioware lacks the resources to actually develop this title for the PS3 architecture. Remember this developer is well versed in PC and 360 architecture. They do not necessarily have the staff versed in the Cell, and more to the point I have seen no indication of Bioware making any move in that direction. We would have heard about it. Bioware is not hiring to fill Cell oriented positions, and they are not licensing third party engines that run well across both platforms.

For all the talk of Electronic Arts loving to port games to multiple platforms. Even for them there are exceptions. Electronic Arts has an entire division built around developing games for the Wii. I would say in this case they are probably not planning to redesign the developer they acquired. Microsoft probably traded up to secure exclusivity. The end result is that Microsoft probably retains the series this generation.