Kotaku is reporting that Mass Effect 2 will be released in early 2010.
The news came from EA's Q309 conference call today, where John Riccitiello announced the Mass Effect news, also noting that it will be 'multi-platform'. It isn't clear which platforms this will be out on, or if it'll just be the same platforms as Mass Effect 1. It is hopeful, however, that it will be developed for PS3 also.
Mass Effect 2 will have more details released at GDC in March, where BioWare will have a panel discussing the Iterative Level Design Process of the game.
This news isn't surprising, as Mass Effect is a planned trilogy.
Mass Effect 1 was released on November 2007, and is available on Xbox 360 and PC.