User blog comment:JakePT/Mass Effect 3 to be Revealed at VGA Awards?/@comment-1221773-20101202210023

See here.

So this game is allegedly set "somewhere familiar", according to Geoff Keighley. Looks like we can rule out a new franchise. Having waffled all over what this game could be, I'm now going to say this is probably Mass Effect 3 until something comes along that says otherwise.