I'm heavily considering this for 360. I loved Mass Effect, so what the hey.
Is it Mass Effect'ish...IE, do you actually DO stuff? Or is it more like RPG's where you point and the game does the fighting for you?
It's not "aim and shoot" like Mass Effect, but it's not a Final Fantasy style turn-based game either. You have a party of four people (mages, warriors, rogues, whatever combination you want) and your allies have AI like Mass Effect. You can swap between your main character and the allies at any time, but when fighting your character can attack or use any number of skills. It's not button-mashy direct action, but like I said, it is far from a slow turn-based game. You can also pause the action at anytime to issue commands, but mostly the combat is very fast and hectic.
It uses the PC RPG Baldur's Gate as its foundation, but if I had to compare it to a console RPG Final Fantasy XII would be the closest in terms of combat, but you have more interaction and customization than you did in FFXII. Also, the story is just like Mass Effect, in that your decisions really matter. Party members might turn against you if you do something they don't like.
It's great, but I can't say that it's just like Mass Effect by any means, though the similarities are there.