Yeah, that makes me nervous too.
The sad thing is, no matter how bad they fuck it up, I'm so invested in the ME series at this point that I won't be able to just skip it. At most I'll be able to wait for a small price drop/Amazon sale.
Here's hoping it's not what it sounds like though. From what Bioware folks have been saying they really took to heart the "it's not RPG enough" criticism of ME2, so I would hope they wouldn't then backtrack on that. Guess we'll see at E3.