I read on the Mass Effect wiki the following:
[quote]On the BioWare Social Network forums, BioWare Community Coordinator Chris Priestly made the following announcement:[2]
“I am very pleased this morning to announce that there will be a Mass Effect movie made by the fine folks at Legendary Pictures! I know there has been a lot of speculation amongst our fans ever since Mass Effect 1 came out as to whether or not there would be a movie, who should star in it, who would direct, would there be a Wrex sized bucket of popcorn, etc and I can now reveal that, yes, there will be a movie (popcorn deal is still unconfirmed).
Legendary Pictures, the studio behind great films such as The Dark Knight, Watchmen, The Hangover and 300 have picked up the rights to make Mass Effect. Legendary Pictures will produce with Thomas Tull, Jon Jashni along with Avi Arad (who has been behind great films like Iron Man, X-Men and Spider-Man). From BioWare Ray Muzyka, Greg Zeschuck and Casey Hudson will serve as executive producers.
'At BioWare, we’ve always thought of Mass Effect as having the depth, emotion and plot twists perfectly suited for an adaptation to a motion picture,' said Casey Hudson, executive producer of the Mass Effect series. 'With Avi Arad and Legendary attached, we believe that the Mass Effect movie will be an extraordinary entertainment event that realizes our vision for the franchise and thrills fans.'”
2011 Comic Con Panel
On July 22, 2011, Legendary Pictures held a pre-production preview panel for the film at San Diego's Comic-Con International. The selection of a director and a cast are still pending, and nothing from the film was shown. Screenwriter Mark Protosevich explained that he believes that Mass Effect has a rich mythology equal to other big-name film franchises, but the Mass Effect film would focus only on the first game.[/quote]
Source: http://masseffect.wikia.com/wiki/Mass_Effect_(film)
So, just from that, it seems apparent that the Mass Effect movie will be a adaptation of the first game. If so, I'm gonna boycott that it... As much as I love the series, Game - Movie adaptations fail... on such a epic scale.
Of course, I'll re-evaluate my decision when more info is released, as I still hold out hope that the film will be about the First Contact War and not the first game.
EDIT: Just read this on IGN :
[quote]Legendary Pictures presented their panel for their planned game-to-film adaptation Mass Effect at Friday's San Diego Comic-Con with screenwriter Mark Protosevich and game creator Casey Hudson there to talk up the highly anticipated movie.
The Legendary exec on the panel said he was aware of the poor reputation of past video game movies, but that they believe the fact they're working with the powers-that-be behind the games gives them the confidence that they will make a film that will go against that trend.
Protosevich said that past game movie makers were smitten with the visuals and action of the games and mistakenly believed they could simply recreate the game on film. The writer added that he believes Mass Effect has a mythology as rich and deep as those of Star Wars and Lord of the Rings, but that they are focusing solely on the first game for the movie version.
Beyond that there was no real news to be had on the movie. There's no cast or director yet, nor did the panel show any concept art from the film. Maybe next year's SDCC will see a more substantial Mass Effect movie panel. [/quote]
Source: http://au.movies.ign.com/articles/118/1183708p1.html
.... I guess that's the confirmation I was after. The Mass Effect movie WILL be a adaptation of the game. Excuse me, I'm going to go smash my head into the wall to try and get rid of this 'info'.