After having played about 4 hours of it now, I would say that there are already some clear upgrades and downgrades relative to prior games in the series:

Good:

• Oh my god, the shooting is so much better than it was in ME1 & 2.
• Graphically, this game is >>>>ME1&2. This probably wouldn't be as evident if you played them all as they came out, but if you play them back to back to back, it really is.

Bad:

• Why did they cut the squad size in half? One of my favorite parts of the other games was slowly creating a squad. I know that the squad in this one is basically just the same people from old games, but they still could have allowed you to slowly re-recruit your old team. Also: No Krogan squad member? BOOOO
• Seems like this James Vega character is basically a carbon copy of Ronnie from Jersey Shore. Gross.
• This isn't an issue on the PC but the frame rate is downright offensive in places on the PS3.
• Not happy about the DLC prices

I haven't played enough to comment on the story but I will say thanks to @freedom4556 for the tip re: ME2: Arrival DLC. I had started playing ME3 before I read your comment and was like WTF why are people being so pissy with me? So then I went back and it makes so much more sense now.

It's not nearly as bad as some people make it out to be. I played it about a year after release and had a fantastic time with it. Being the worst game in the best trilogy of last generation still leaves it plenty of room to be a great game.

If you really enjoyed the characters from the first two games, and want to see a lot of fan service and final plot resolution for most (if not all?) of them, then you'll love ME3 right up until the ending, which you'll either be as mad as everyone else was at, or just 'ok I get the stuff'.

Without spoiling anything, my major problem with the ending was mostly that it felt very much like a completely different writer/team wrote it. Everything before that though? Having just come off of playing ME2 when I played ME3 on release, I loved every last moment of it right up until the "Wait what about all the choices I made!". Its absolutely worth playing through but yah.

Get the DLC that was released during the game that comes with the NPC. If you didn't save everyone during ME2 and are playing on a PC, go find a save that matches your character's choices/level, but has all the NPCS alive, cause you really miss out on a lot in ME3 if a character you really care died in 2.

And..have fun. The shooting is way better then 2, the multi-player was even fun though I'd doubt anyone's still playing it.

Mass Effect 3 is a great game that gets a really bad rap for some of the storytelling and specifically the ending. But the ride is amazing. If you consider the individual story arcs to be the closure you're looking for, even the ending isn't as bad.

As for Vega, keep an open mind - he's waaaaaaay better than everyone thinks going in. He isn't a dudebro meathead.

Play the DLCs, specially From the Ashes and Leviathan. Stay away from Citadel until after you complete the game.

Ohh, and Paragon/Renegade reactions mean nothing on this game. Just so you know.

It has a underwhelming and silly ending and some ridiculously melodramatic moments. But in many ways (combat included) it's the strongest entry in the series. The hate comes more from people expecting them to tie everything from every game into this last one in a cohesive and satisfying way, which they absolutely did not.

side note: doubt it's still active, but the multiplayer is actually super fun.

Everybody recommending the DLC basically explains why people hated 3 on release.

And ignore the flavor text description in the galactic readiness rating

Mass Effect 3 is the penultimate mass effect game, especially with all of the dlc in play. The only colossal criticism that can be leveled at the game is the ending, but thats like 0.5% of the entire experience. It has the best game play, a great story with lots of heart and emotion, the most character interaction and small spice of life moments. Its a solid, well crafted experience that removed some of the illusion of freedom in favor of a more directed narrative that works up until the closing moments of the game.

ME3 is a worthy end to one of the greatest achievements in RPG's barring the Witcher.

As long as you have all the DLC for ME3 installed, you should have as much fun with the game as with the first two. The main problem I had with the game was that the stuff they had as DLC was integral to making the game feel epic.

It's the best mass effect so jump in and get going

Mass Effect 3's shortcomings get vastly overrepresented. Those shortcomings do exist, but their reputation gives them more bark than bite.

The game is a good finale for a trilogy with a penchant for being great.

If you like weird, '70s sci-fi, the ending's fine.

Make SURE you really plumb the depths of The Citadel DLC, it's some of Bioware's best content before or since.

My advice would be expect ME3 to be The Dark Knight Rises to ME2's The Dark Knight. It isn't bad but it doesn't reach the lofty heights of the middle sequel and falters a little under the added pressure to deliver a satisfactory wrap up of an entire trilogy. It has its high points, it has its low points, it has a stupid space ninja who is deserves all the shit he gets. Removed from the hype and subsequent hysteria, I think you'll have an alright time.

Although I haven't played them first hand, from the big bits I have seen Leviathan and Citadel DLC seem pretty darn cool. People also vouch for From Ashes depending on how much you want an actual Prothean to turn up.