You could be right, though it makes you wonder just how much time DICE actually had to make the game, or just how big the team was.
Considering BF:BC came out last summer, I think it is safe to say that ME was only the biggest priority for DICE a couple of months before it released. The production values should reflect this, as the overall quality of the game does as well, and I think EA is willing to make a sequel because, even though the game has a lot of shortcomings, its sales proved... "sturdy" I guess you could say (though still below expectations).