The BioWare Blog has an update from BioWare Montreal on the next installment in the Mass Effect series of action/RPGs, announcing their studio is taking the helm of the next game. Word is they will be working with the Edmonton studio and the Frostbite 2 engine from the Battlefield series to make and installment that's "respectful of the heritage" of the series:

To ensure a proper and effective transition, we’ll continue to be supported by the Edmonton studio through the game’s development, working with and learning from them on some critical initiatives. On top of that, Casey remains the Executive Producer, but he will have a Project Director under him, working in Montreal, leading our development team and making day-to-day decisions for the game. We all care very much about Mass Effect and make our decisions based on what’s best for the game.

There is really not much I can tell you about the game right now, except that it will be built with the amazing technology of Frostbite as its foundation, enhanced by many of the systems that the Dragon Age III team has already spent a lot of time building.

The other thing I can tell you is that, while it will be very respectful of the heritage built over the course of the first three games, with the original trilogy now concluded and the switch over to a new engine, we are exploring new directions, both on the gameplay and story fronts. You can still expect the pillars the franchise is known for to be fully intact though, including diverse alien races, a huge galaxy to explore, and of course rich, cinematic storytelling.