What's got me truly concerned is the fact that ME's quality could drop as well. I mean, on a next gen platform you'd expect it to be awesome but when it comes to story, the last game that promised an unforgettable story failed in that aspect (And the fact that there's NO Europa!!!!!). The quality of games and media in general has fallen.
ME 3 was a good game but truly was rushed. ME 1 and ME 2 were the true core of Mass effect.
Now, this doesn't mean I don't trust bioware. I do trust them, but to my current knowledge, they answer to EA. I might be wrong however.
The second I encountered ME's universe I fell in love with it. A Universe that even surpassed Halo's. I'm worried however that this wonderful journey might come crashing down, if it hasn't already.
As for canceling it though...
It happens to beloved games all the time. Zone of the Enders was a victim to it, so was half life. Mass effect could be on the chopping block as well.