EA has purchased Bioware (Mass Effect, Knights of the Old Republic) and Pandemic (Mercenaries, Star Wars Battlefront). Not sure how this could possibly be good news for gamers. I can't recall the last EA game I bought - they tend to be unpolished at best and buggy at worst...
It is only good news for PS3 owners. I cannot see EA leaving Mass Effect only on the 360. I'm not sure if they already had plans to move cross platform. Does Bioware retain the intellectual property of Mass Effect? Will EA only be a publisher?
Microsoft is the publisher for Mass Effect, so I believe they'd have some say over its release on other platforms. I doubt that the purchase of BioWare by EA changes any pre-existing deals, unless EA buys out Microsoft's stake in the game.
I don't know who owns the actual Mass Effect IP, but I'd be willing to bet that there is at least an exclusivity period built into the publishing agreement. Plus, if they started working in it today, it MIGHT be done for PS3 by holiday 2008. A game that deep isn't going to be easy to port.
-=Gamewatcher