The movie project was announced several years ago and as far as I'm aware they've made no overt progress. I honestly won't be surprised if it ends up in development hell, if it isn't already there.
Can't say as I'd be too bothered either since if they're seriously just going to adapt the main plot of the games, there'd be very little to hold my interest. I mean no matter what plot choices they go with, it's a loose loose situation for Mass Effect fans, no? For example; do they kill off Ash or Kaiden on Virmire? Either choice means one group of fans is going to be disappointed that their preferred character isn't going to be in the subsequent films.
ME2 will be a problem too as they'd either have to cut characters altogether or drastically compress the recruitments to some kind of half baked montage. Factor in the loyalty missions and you're either going to have a very unfocused plot, or next to no character development for the squadmates.
All in all I think they'd be better off making a movie based off their own original story and leave Shepard's tale in the realm of video games.