I thought the story was going in the right direction. They basically wrote themselves into a corner with the first trilogy so they really couldn't do anything more there. If you tried to move forward from ME 3 they would have had to consider the fact that all the mass effect relays in the galaxy were destroyed and they really didn't even know how they worked. Repairing all of them would have taken awhile I would imagine, if even possible? Even if the story stayed in the Milky Way galaxy they would have had to push the time of the story forward at least probably a 100 years to give the galaxy a chance to rebuild/colonize after the Reapers attacked (if they followed the default ending of ME 3 and the Reapers were destroyed). Moving a small fraction of all aliens to another galaxy makes sense if your trying to save your species so it's pretty logical (Stephen Hawking believes we have maybe 1000 years as a species until we annihilate ourselves or get destroyed by a catastrophe and are lost forever or colonize another world).
As for the writing itself, I thought it was weak. Then again, this isn't Armageddon like the first trilogy was so the same level of tension shouldn't be expected. I think they injected as much drama as they could into the story but the urgency of the first trilogy just wasn't there.
The facial animations debacle definitely hurt the sales for the game right out of the gate. They blew it and it shown through. If you guys read about the troubled development of the project, most of the game was literally done in the last 18 month of the project.
Personally, I wish they would continue the story to the end but it sounds like they may never do it