And I'm going to video tape it.

as long as its out from day 1 on the 360 i dont care.

Well, would they put SO4 on the PSP?  No.

Anyway, it wouldn't make sense to put a sequel to a game, which could possibly come out on the platform on a game on the platform.

Why would T2 take the effort to port the first game over then include a trailer for the sequel on the same disk and in the end not bother to develop the game for the said system?

This isn't a Sony published game. This is a T2 published game, who happens to be the publisher, developer and the owner of the IP. Sony isn't SE.

I think it will be 360/PC only still, but if not it would be timed exclusive. Microsoft had to make some of deal with EA when they bought Bioware

Nah, PC/360 only is my guess.

I don't think it's possible simply because the story is so complicated, seriously you wouldn't understand it at all if you didn't play the first one.

A 10 minute intro movie would fix that.

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.

Can a first party published game lose exclusivity?
I say Ninja Gaiden 2 is coming to PS3. An updated version of the first game in on PS3 and it's a 3rd Party Developed and Published.
Not that we want Ninja Gaiden II, unless they fix it.
Ninja Gaiden III, on the other hand...

EDIT: Aha, EA is publishing it now. In that case, it's just a matter of time...