Yeah, my guess is that if you owned Mass Effect 1 you can carry out your save to Mass Effect 2 but your skills might be gone... furthermore I expect some of the more serious choices will affect some events in MAss Effect 2. For example some might have killed Wrex on the beach, and others might have been able to calm him down. Mass Effect 2 will surely be very interesting with this whole decision mechanic carried out and will defiantly make each players experience very different.
Mass Effect 2 will be an amazing game that will surely excel the original in story, character development, and graphics. After the amazing teaser, I just hope Commander Shepard will be back as the protagonist!