User blog comment:The Milkman/Extended Expectations, Part II/@comment-2250460-20120628002222/@comment-899316-20120628043857

From what I can gather, Shepbinger is still Shepard, but has transcended mortality, becoming a god-like being, and taking the place of the Catalyst. The Commander is now an immortal being with complete control over an entire race of organic machines (which are, it may be noted, godlike themselves), and full comprehension of such notions as immortality, infinity, and whatever else he said that I cannot remember at the moment. Shepbinger no longer has a single, physical vessel, but is instead spread across all of Reaper-kind. So technically Shepbinger is still the same as Shepard, but changed so drastically by the experience of becoming the collective conscience of a race, and by attaining godlike abilities, that they are almost like two different people. In almost the same way that an adult is very different from a baby, but they are still the same person.