You beat me by a minute, Tooks. :) That title needed better rewording.
I have actually heard this theory recently, and oh man what a mindfuck that would be. Think about it - you had to totally recreate Shepard, his/her class, looks etc. in ME2. Part of me also doesn't want this to happen AT ALL. But think back to ME1 and the mission where you'd eventually find Admiral Kohaku dead, where there was talk of Cerberus creating a super soldier. What better than to rebuild (clone?) Shepard when s/he died? Oh man.