Ok, so I hijacked information from this thread where you can find magazine scans from a recent preview of Mass Effect 2.

For those that don't like reading, here are some highlights:

WOW!!!!!
OMG!!!!! MASS EFFECT 2!!!!!

SPOILERS!!!!!

Shepard is alive.
Cerberus is central, as is the illusive man.
We're finally going to OMEGA!!!!!
And an Asari home planet.
If you killed Wrex he is dead forever, Tali is back, and it looks like more squad members die in this game.
20% MORE dialogue in this game than the last.  For those that didn't play the last game, that's a lot.
Some conversations allow you to conduct certain actions (such as shooting) WHILE selecting dialogue options, as well as intervening using the RT.
Graphical upgrades, pop-in is supposedely taken care of.
Doing much more to make side-quests interesting, and the Mako is now different with totally new controls.
Elevator's are now completely revamped.  They show you where you are leaving, where you are going, and are shorter.

Edit:
Also, there are massive upgrades to combat.  You'll be able to jump over things, have extra control over entering and leaving cover.
Your biotics cool down faster allowing more use, and the inventory system is completely gone, and replaced with a new one.

hmmm once you get to the higher levels it seems your biotics are pretty much ready for use anyway once used. I'm going with the shepard is a cyborg still.

This will probably only be available during a select few, plot-critical conversations such as the confrontation with Wrex on Virmire where you can decide to shoot him, have Ashley shoot him, talk him down, etc...  The idea really opens up a lot of possibilities though so I hope they find plenty of places to use it.

The more I hear about this game the more I want it now.

This game could easily be in the top five games released next year for anyone who plays it.

It may not be, but based on the last game, the improvements they've made, and what we've seen, I have high hopes.

Man I hate being in a different Timezone to the yanks, none of them are here to chat about Mass Effect when I want them lol.

I want this game so bad!

A couple of questions:
1. Can I still have lesbian sex with Liara?
2. Will the Rachni help me in return for saving the queen?
3. Have they changed the Ctrl+C/Ctrl+V outpost design?
4. When!!!!!!!

I just read it, it looks great!

Can't wait for the GTTV event to be shown on Thursday, this and Ratchet and Uncharted

1.  Probably.  They have said they want to expand and deepen the options for and scope of interpersonal romance relationships.

2.  No idea, but they did say that would be the case months and years ago.

3.  They should have, they claim to have fixed side missions, and that would be the key.

4.  Unless they want to give us an awesome surprise?  Q1 2010.

After downloading the scans pbroy posted I have to say after reading the information that this game will be huge and is now my most wanted 360 game for 2010.