This is interesting news.
Considering the colossal cluster fuck that was the original ending to ME3 and the fall out from the grovelling follow up, I'm surprised they want to open themselves up to that kind of mauling again. Mass Effect as a whole world was epic, in 3 games it created enough worlds, story, history and lore to give Star Wars a run for its money. But then, they believed they could pawn off that piece of shit ending and ruin for many what should have been an immense ending to the series.
ME3 was an emotional roller coaster, from the invasion of your home world to saying good bye to your friends at the end. I still get a lump in my throat saying good bye to Garrus or sharing that moment with Liara, hell every time I play Tali is always my girl. I won't bang my drum over what was wrong with the ending, suffice to say it stank and to this day leaves a foul taste in the mouth.
They couldn't go forward because they fucked up how. It makes sense they'd take a cheap shot and go backwards, am I interested? Not really. Mass effect for me was Shepard, to introduce a new hero and expect us to care about them the same isn't easy. It'd be like replacing the Master Chief in Halo and wondering why no ones that interested.
It'll probably be some stupid multiplayer driven mess as well, something that Mass Effect did not need. Not to mention whatever antagonist we do get, how are they supposed to compare them to the reapers? That is a tough act to be the warm up act for.
Give us Mass Effect 3.5, Shepard wakes up in the rubble and goes from there.