Mass Effect is my favorite fictional universe
I have (had) Mass Effect 1, 2 and 3 on PlayStation, then PC (heavily modded, including controller support) and now on Xbox, along with Andromeda.
I welcome the Legendary Edition, as along with the upgraded graphics, hopefully bug fixing (Conrad Verner, Arrival trigger message, Ken/Gaby romance flag etc.) and potentially making ME1 less cumbersome (combat, Mako driving, inventory management etc.) it will not only give me all games and single player DLC in one neat package, but also finally allow console players to get the N7 weapons pack.
Until now on Xbox at least, you needed a physical collectors edition of the game with non-activated preorder bonuses to redeem them, there was no legal way to buy them, like for example on EA Origin for the PC version).
It won't be for everyone however and that's ok too. Nobody is forcing people to buy it.
For all the fantastic PC mods that have been made, they will continue to work with the "old" Trilogy for sure, regardless of what the LE comparability will be.
While they explicitly state, that it won't me a remake or re-imagination they might still be able to restore some initially planned romance options, as well as remove for example the ME2 recruitment missions limits (pre and post horizon, that was due to the limited OG Xbox and it's disc sizes AFAIK).
Would be cool, if they'd integrate the DLC's into the main story progression (not triggering the Arrival message, after Horizon for example) in some form and offer other quality of life improvements (import/export facecodes, unified character creator etc.)
Rumor has it that it was not only delayed due to pandemic reasons, but also because they weren't happy with how the Legendary Edition's ME1 compared to ME2 and ME3.
What is known due to a post or Linkedin entry by a Dev from an external game development studio is that the LE will be on a newer Unreal Engine, rather that completely remade in Frostbite. The graphics upgrades are handled by the external studio, while whatever else is handled by Bioware.