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The Platinum Hits version of Mass Effect is now and stores and there's a good reason, besides the $20 price tag, to pick it up: it comes with a documentary that reveals information about the second downloadable content pack for the RPG and about the sequel.
In the documentary (via Shacknews), project director Casey Hudson states that the upcoming downloadable episode for ME will take place on "kind of a casino, gaming, fight club space station." Still no date on when we can expect this; it's been a little under a year since the first DLC episode, Bringing Down The Sky, was released.
As far as the sequel, Hudson mentions that you'll be able to use your save files from the original game. Also, as you'd expect from a story originally conceived as a trilogy, Mass Effect 2 will have a Empire Strikes Back-type tone. "There are a lot of twists and turns, and it's generally a much darker experience."
Here's a dark experience for you: the game probably won't be released until early 2010. Ugh.