Well, Bioware might be overrated as hell, but this is still excellent news. Still, I can only hope they use (and expands on) some of the great ideas Obsidian introduced in KotoR 2.
Frankly, Mass Effect failed to impress me in many regards - meaningful party interaction is non-existent, the moral system is completely mismanaged, and pretty much everything except the main mission is a waste of time. Even the original KotoR did a better job at these things, and Obsidian’s effort completely crushes them. We'll see how it turns out though - at least now I'll get to be 'properly' evil again (Sith are badass!)