It definately seems to be a high quality game, and I'm without question picking it up day one. Did you play ME1 first Speedbump or did you jump right in with ME2? Microsoft is pissed about EA bringing ME2 to the PS3 and not letting a port of ME1 be made, so I'm curious as to how much I'll be missing, despite knowing the story of it.
I played some of ME1, but I couldn't really get into it. I tried a couple different times actually.
In ME1, it's more an RPG with shooter elements. So you could shoot at the target, but it didn't really matter much where you hit them, it was just a "shoot until their health is gone."
It had a decent story, but it wasn't really all that great imo...
In ME2, the game is primarily a third-person shooter, with RPG elements added in, you use WASD to move, and there's a mouse reticle in the center, so as you move the mouse, the screen moves with it, staying constantly locked on the center for better targetting. Basically it's the exact opposite.
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The story-telling and overall storyline of ME2 are much more compelling and I would never recommend the first game over the second. The only thing is, if you played through the first, you know what happened, and there are people you encounter in the second game that make references to things Sheppard did in the first game, and then you have an option of how to respond.
So if you played the first, you might get more out of those parts of the game, but that's about it.
Also the music really makes the fights feel epic as hell, where as I wasn't a major fan of the music in the first.
A lot of that is opinion, though... I'm sure there are people out there that prefer the first game's mechanics over the second, but I'm definitely not one of them.