We never will see it. There simply isn't money to be made from a rewrite. The reputation of the novel is such that who would buy it?
To be honest I sincerely believe the rewrite would have sold just as well. Why? Well, who was must upset about the problems in the first place? The die-hard fans. Lets face it, average Joe isn't the target audience for Mass Effect novels, its the dedicated fans. Who would appreciate a rewrite the most? The fans. Who did Bioware promise a rewrite to? The fans who love the series so much that they actually follow the news on this stuff rather to have heard of the announcement in the first place. Who is left out in the cold when Bioware fails to uphold that promise? Again its the loyal fans that get the shaft.
Sure, those who don't really care about the lore aren't going to care too much about the books problems... but those people are not the target audience who's purchasing the books in the first place. I have to imagine that the majority of people who actually purchase the novels are already invested, loyal fans to the series. Yet in the end all Bioware did was push out a horrible book seemingly written by someone who had no idea what subject matter he was writing about and then promise us a fix. Here we are, years later, with still no fix like they promised and the error-filled novel (that they openly admitted had problems, mind you) is still being sold.
I mean, I would feel different if they stopped milking the fans and took down their novel that, at this point, shouldn't be considered canon material. Yet they leave it out there. They play lip-service and make promises they don't keep and make no visible effort to actually back up. If they didn't want to rewrite the novel then maybe they shouldn't had lead the fans on by saying they would.
The fact that this is a novel based on the game, for me, removes any leeway excuse they had to weasel out of it. I understand if game sequels abandon some of their original flavor to make the game appeal to a larger crowd. Bioware has a bit of a history with this in Mass Effect and Dragon Age, imo. Though when it comes to the novel... what excuse is there? The Mass Effect novels are not trying to cater to a wider audience. They're novels only Mass Effect fans would care about in the first place. They're not trying to bring in newcomers to purchase the book. So when your target audience is still the fans why go and spit on them anyway? What do they achieve by doing that?
Lol, can you tell I'm bitter? 