Your Gran runs a team of a hundred odd artists at the top of their profession just to make macrame? Knotwork rivaling the Book of Kells, eh? I don't know much about snark, but I know when to roll my eyes.
In all seriousness, the spiff thing about Mass Effect is its popular appeal. As Slim points out, multimedia CG art installations have been around for some time. I remember some fairly neat stuff back in the late 90s, but it was the sort of thing you'd see displayed in spare halls on campus. And there have been a number of indie companies putting small little games out, usually in Flash or some such, though (see
http://www.feedthehead.net/ , an internet "toy", or a more serious example
The Museum of Broken Memories). Sadly, Tale of Tales is the largest/most successful company that does that sort of game, and it's only through art grants that they stay afloat.
But that's not true for Bioware-- their sales are doing quite nicely, yet they are putting out works that are narrative focused. To dodge the Art question, let's call them darned good works of genre fiction. If it's what the public wants, why not tell those kinds of stories? Perhaps the videogame equivalent of Star Wars doesn't seem earthshattering, but it's a significant step forward compared to the mainstream games of less than a decade ago.