Mass Effect 3 is a masterpiece and while it is not without it's flaws, it is an amazing finisher to an epic series.
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The Good: Numerous emotional moments, gameplay vastly improved, great voice acting, multiplayer is actually fun, wonderful characters, Shepard has much more of a personality, expansive universe
The Bad: Ending kind-of sucks (even with Extended Cut), black and white morality system, neutral choices removed, auto-dialogue, no local co-op, very linear, too short, last mission is bland, not enough squadmates
Mass Effect 3 is the final game in the Mass Effect trilogy, and it ends Commander Shepard's story in a beautifully written tale with tons of emotional twists and turns (that is, if you played the first two games) which may lead up to a mediocre conclusion, but nonetheless is a worthwhile experience.
The first two things I noticed with Mass Effect 3 were unfortunately negatives. Shepard seemed to be talking on his own, only letting me make decisions at key moments. Some conversations would go on and on without me making a single choice. This "auto-dialogue" does give Commander Shepard a bigger personality but at the same time it disengages you from the plot for the first few hours (that is only if you played the previous games – which if you haven't then your only getting 1/3rd of the story). The other thing I noticed was the absence of neutral dialogue options, which will certainly disappoint the few who used them on a regular basis.
While I was initially disappointed by the new conversation wheel, the gameplay somewhat made up for that. In the previous Mass Effect installments I either found the combat an utter mess or just mediocre whereas this time around I found it actual fun. While it's nothing to write home about it is vastly improved as it was given a Gears of War-style treatment. You can dodge and cover easily and there are some really cool powers and weapons. There are also some awesome set piece moments.
Mass Effect 3 only includes 6 squadmates (7 with the From Ashes DLC, and 3 who only join depending on your choices in the series) which is both a good thing and a bad thing. On one hand, that is far less than the amount of squadmates in Mass Effect 2 and you could be playing your game with just three squadmates but on the other hand it means you get to know each one of them very well (or, if you already knew them you can further develop your relationship with them) and each of them has numerous conversations in-between missions. It is annoying though that a space on the Normandy is reserved for Diana Allers over a squadmate from the previous games.
I played the game with Extended Cut installed but also went back and watched the original endings. The Extended Cut is a vast improvement from the original, as it fixes many plot holes, but if you were hoping for full closure on the relationships you had developed throughout the franchise or an ending which makes complete sense then you will be disappointed.
There are many difficult choices to be made in this game and you'll truly feel like the fate of the galaxy is in Commander Shepard's hands. At a more emotional level, you'll feel the weight of Shepard's friend's lives and fates in his/her hands. You'll often need to decide which you value more- friends or the galaxy.
Mass Effect 3 is a masterpiece and while it is not without it's flaws, it is an amazing finisher to an epic series. Bioware deserves a pat on the back and I look forward to whatever future endeavors they pursue, both in and out of the Mass Effect universe.
(Review based on Xbox 360 version)