I am so annoyed.
I got Mass Effect 2 today upon loading up the game for the first time and choosing 'import me1 save' nothing appeared.
I had forgotten that i started a new game+ on my mass effect 1 load. So now I face a dilema.
 After going onto to mass effect 1 and remembering how far I ws from the end of my second playthrough and how much the framerate pissed me off I am starting a new game on mass effect 2.
Considering I know what happens in mass effect 1 how much will my enjoyment of mass effect 2 decrease considering I am not playing from an imported game save?
Also does this mean there is less content for me to play through?

You should still be able to use your ME1 save, it will just be from where you beat the game, not anything you did in your new game plus. 
 
So if the save isn't showing up at all, ME2 is looking for your save in the wrong place. 

I would finish it, just having your custom Shepard brought much more to the second game for me let alone all the decisions. If you turn the difficulty down to casual and only do the story missions you can blast through it in a day. I think I've done it in six or seven hours before and if your half way through then it wont take long at all.

I'm definitely searching in the right place for the save, i went on mass effect 1 today to check. I may go through me1 again.. quickly but i really can't face playing that game again!

Right, i've sorted it out.
Because I'd switched hard drives the completed savce i think was on the other.
I've just finished the last bit of mass effect 1 again so if i transfer the data to my newer hard driver the import should work