Do you really think Bioware will make an FPS? Thats about as likely as a rain of gold pellets.
Its obvious they noticed there is demand for space-saga's and rpg elements in action games, or action elements in rpg games.. and will build on that. Mass Effect 1-3 was about Shepard .. Mass Effect still has billions of possible avenues to explore, without Shepard, but with your choices still having an effect on the game as a aftermath.
Now.. if they make a game like Skyrim (or even GTA) in a Mass Effect setting, with multiple planets and space-travel.. then that could be even more awesome