Taken from GAF and originally taken from Gamefaqs

Game starts with Shepard on Earth, effectively on trial in regard to the events of Arrival, and in the middle of the trial, the Reapers invade. Prologue involves Shepard's escape to the Normandy, and off to start finding allies, fighting Reaper troops (husks of all the different species) the whole way.

Confirmed squadmates: Liara, Ashley/Kaiden, Garrus (if he's alive) and James Sanders (not the sniper from the trailer)

There's a screenshot of Ashley with her hair down, and she actually looks hot. Don't have a scanner, so wait till someone with one turns up.

Confirmed to appear, but not guaranteed as squaddies: Wrex, Mordin, Legion, and Anderson. Obviously, if they live.

The game will by default feature a "previously on Mass Effect" comic to make decisions with if starting from scratch.

The Illusive Man also plays a prominent role, and Cerberus is out to kill Shepard. Reason why is unknown at this point.

The RPG elements are being beefed up, not going back to ME1, but giving more freedom with the character skills. Skill trees will be larger, and powers will evolve several times instead of just once, offering even more freedom. Weapons are ME2 style, with a set list, but mods make a return, not in the ME1 style, but allowing you to swap out different parts such as barrels, scopes, and so on, which effect both the weapon's combat performance and its appearance.

All classes can wield all weapons unhindered now, but will have limited slots to carry them. Only the Soldier can carry all weapons at once. Probably means Adept, Engineer, and Sentinal will be limited to two, and Vanguard and Infiltrator will have three.

Also mentioned: The game will have numerous endings, some good, some bad, and who you have in your squad and which allies you recruit can have a drastic effect on which are available.

Confirmed NO MULTIPLAYER. They're talking about future games and/or spinoffs having it, but not this time.

Sounds good to me, definitely hyped for it. Mass Effect 2 is one of my favourite games of all time and this all sounds like an improvement to me

Okay. If I can have Garrus and Wrex in my squad I will be more than happy.

If it's true that they are actually making it an RPG again, I will also be more then happy.

I think I'm going to be gleeful.

The RPG elements are being beefed up

Can't wait!

It's kinda awkward that my recent playthrough is a 100% Renegade Adept. (good for nothing) 

I usually like to get things started on a kinder more gentle foot

I jizzed all over the keyboard

good times.

Miranda?

Interested to see the reason for Cerberus chasing down Shepard.

Also am I missing out on the "main plot" if I haven't played the DLC chapters?

Sounds great, a little disappointed that it sounds like I won't get to run around future earth, I would have had the reaper invasion as a mid game event, but other than that, sounds FANTASTIC.

It has 2nd best game of the year written all over it! {But seriously, if this comes in October, I am going to have a smile on my face for 3 months straight with the trilogy of third entries in these new franchises which have come in the 3rd generation of PlayStation home consoles}

Sounds like a vast improvement, keeping the best of Mass Effect 2 whilst adding much of the best from Mass Effect 1 should create something pretty special.

<3 Liara. Once you go blue, nothing else will do...

Very happy her, Garrus and Kaiden/Ashley make it in as squadmates. Really hoping Wrex, Mordin and Legion are squaddies, too.

WTF..no Miranda?? HELL NO I will not accept it

hmm Garrus if alive, what does that mean? ahh If he survived the suicide mission?