I haven't played M E2 since summer and after hearing about new DLC coming I decided to start up ME2 again. Then I remembered I recently formatted my HDD and unfortunately both my ME1 and ME2 saves are now gone. I've played ME1 to completion a ton of times, 23 time, and don't really wanna play it anymore(then again I do, Mass Effect 3). Should I just wait for Genesis or play ME1 all over again 5 more times.

Just play ME if you can.  The comic is for kids, if you're more adult...play the full game.   
 
15 minute comic vs. 20 hour full blown RPG.

You could probably finish an easy run of ME1 pretty quick (even with 100%), but if all you want is the major story points to carry over the comic thingy on PS3 would be fine. I mean it's not like playing again on PC/360 will matter if you are getting the PS3 version anyways. That said, if you already have both on one system you could save yourself the money and just work on it slowly over this year to rebuild your Shepard, since ME3 is all the way in fall 2011.

Playing Mass Effect gives you the chance to shoot Conrad Verner in the foot. 
Reading genesis probably will not.

" Playing Mass Effect gives you the chance to shoot Conrad Verner in the foot. Reading genesis probably will not. "

Every time I read Genesis I always think of Sega Genesis.  SEGA!!

Wait, why do you want to play ME1 five more times after playing it 23 times?

You played it 23 times? Why would you have to did it 5 more times?

Just do the genesis thing. No point spending time doing something you have already done.

" @Chris2KLee: Genesis for 360. "

Oh if you have the option I say buy the PC versions, there are a whole bunch of Mass Effect saves on http://www.masseffectsaves.com/

It was all the small choices that made me think Mass Effect 1 was wroth a good play through but since you have done it so much and know what's going on the comic should be fine. Definitely get through Mass Effect 2 again though.

Apparently all of the important things are going to be in genesis so it will probably save you time. Also I haven't played ME1 in a long time but I am willing to be it would be really hard to go back after playing 2

Is Genesis coming for 360 as well? I thought it was just for the PS3 version.

 If you're so smart that you format your HDD without backing up your saves then you should play it again as a punishment. :P
 
(Not saying ME1 is a punishment, just saying that playing it for a 24th time probably is)