I'm playing through ME1 too right now. I had been planning on buying the game for awhile, but I just ended up getting it about 2 weeks ago and I've been playing it quite a bit. I think I'm currently at about 22 or 23 hours into it.
I'm pretty sure I could run through and finish the game, but I'm doing all those side missions in order to get the Completionist achievement.
Once I clear the game, then I'm going to import my character into ME2 and play through that. Then I can go back to ME1 again and go for another play through on the harder settings and to get more of the accomplishments.
Installing is supposed to help reduce/eliminate some of the loading screens, though the elevators are hardcoded into the game, so those are the same.
starcraft: "I and every PS3 fanboy alive are waiting for Versus more than FFXIII.
Me since the games were revealed, the fanboys since E3." 
Skeeuk: "playstation 3 is the ultimate in gaming acceleration"
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