Mass Effect 3 Announced For Holiday 2011 The real announcement after yesterday's leak. 12.11.10 - 8:44 PM
While the EA Store may have stolen the Spike VGA's thunder when it came to announcing Mass Effect 3, the store didn't feature any sort of details. At the VGAs, it was shown that Earth had been attacked by an unknown enemy. It's up to Shepard to take down these enemies and save the human race.
Mass Effect 3 is slated for release in the Holiday season of 2011. We'll have more information as it becomes available.
UPDATE - We've found the (brief) announcement trailer, which you can watch here: