This is not about new media. There are great games who tell awesome story (I would suggest Planescape: Torment for the old ones, KOTOR2 for new ones, and Aquaria for the indie ones). This is about Mass Effect specifically, which is not really spectacular. It's power fantasy with good pacing and structure and it borrows from movies in ways of soundtracks and atmosphere, yes. But the universe it happens in is pretty boring compared to, say Eclipse Phase or The Culture, the "diversity" is laughable, and I would suggest that characters who are gay only in some playthroughs are pretty dangerous idea.

I would on the other hand argue that Mass Effect series is bad for the video game industry -- for many people, it made voiced main character mainstream. That is bad, because it's very expensive, so not only it makes video gaming industry harder to enter for new businesses, it also makes even the rich studios trim dialogue and actual choice in game to the lowest common denominator.

However once again, this is not about new media. Check works of Paul DeMarinis if you want new media, it's full of win.