Game: 500,000 Units first week (ala Gears of War)
Hardware: 200,000 Units (around a 75% increase YOY)
Now, as for worldwide total cume. Call me insane, but I see Mass Effect doing really, really well. Two Worlds is doing just insane (probably around 300-350k worldwide now), and has a below-60% ranking.
Also, Oblivion is already 10% above Morrowinds entire LTD total, despite the GOTY just coming out 2 weeks ago. And having said this, KOTOR did quite a bit better (100k) than Morrowind.
I see Mass Effect doing 3 million units+ for the following reasons:
#1. It will have rather broad appeal. It's sci-fi, which is a plus, has a great name brand and developer hype/media hype. It will sell well in Japan (100k), which always helps.
#2. It's basically the must-have game of Christmas 2007 for the X360 along with H3, Bioshock and COD4, but has the advantage of being the closest to Christmas (I think it'll take the X360 s/w #1 crown in the month of December).
#3. It doesn't have the Star Wars stigma attached to it. Don't get me wrong, everyone loves to spend $10 to see chewie and Han Solo blow something up, but spending $60 on a Star Wars game for alot of people might seem.....Nerdy. Having a great game like ME in a sci-fi neutral world will do it good.
So I say no less than 3m w/w, with sales being around 2.05m in the US, 850k in PAL, and 100k in Japan....If not more per region. Could top out at 4m, and get close to GOW.