So after realizing they over-streamlined, they're putting ME3 where ME2 should have been mechanics-wise, and calling it an upgrade. At least they're doing it though. That isn't to say I disliked ME2, I was just surprised when it turned out to be a rather good shooter-with-occasional-conversation, instead of a rather good RPG-with-shooty bits. Looks like ME3 might turn out to be a rather good Shooter-RPG, without one aspect being dominant enough to all but cancel out the other.
I'm liking the talk of alternative endings, but the magazine's comparison to ME2 worries me. While I was happy with ME2's various endings, that was in part because I recognized that they were allowing the most change they could if they wanted the sequel's story to follow in any way logically. It had two real endings (not counting Shepard death, since that can't continue to ME3), giving the collector base away, or blowing it up (all the others were just different configurations of which crew-members died, and don't really change the state of the game universe much). Considering Bioware wants the story to flow no matter which you pick, this is very impressive.
However, with ME3, they can do so much more. Since they don't need to worry about a sequel limiting the changes a player can cause in the game universe, the degree of possible options is huge. While I have no doubt that the 'real' (read: not counting as losing the game) endings will all have the Reapers defeated, I'd hope that the player will have more of an impact than just saving the day as RainbowHugs Shepard, or as BadassJerk Shepard. At the very least, I'd hope that one could choose between restoring the status quo of aliens and humans on a roughly equal footing, or siding with (perhaps taking over) Cerberus and ensuring human supremacy over the lesser races (or even begin to cleanse the galaxy of alien filth). Options like those (and hopefully more) would go a long way to make the player's story have lasting impact on the galaxy.
edit: Just read the link Achilles posted. I'm kind of hoping that the writer is wrong, and that ME3 won't be yet another "unite the races to help you in the final battle" a la DA:O, and many other games. While Bioware does recycle quite a bit of story material, (it's just like that other thing, but this time, in SPACE!), I'd hope that they wouldn't do it within a 2 year period. Though if there were the potential for convincing the Quarians to fight against the Geth, the Krogans against the Salarians/Turians, with a promise of covert assistance to all parties after the Reapers are defeated, thus weakening all the most militarily powerful non-human species (the Asari, while good economically, wouldn't be anywhere near a match for humans in a war, IIRC), then I'd probably reconsider. Any game that allows the player to be a magnificent bastard gets bonus points from me. The more common type of video game evil is just being a violent thug, instead of a clever, manipulative, violent thug.