Personally, I've been enjoying Mass Effect. I put in about 50 hours my first playthrough (mostly due to saving a lot, and not realizing that my Mako had a CANNON!), and on my 2nd playthrough (with the same character) I'm seeing a lot of new things because more things have opened up in the way of dialogue options, approaching the game from
the renegade POV, and trying the 2nd romance subplot (hot alien chick!).
The thing that also gives M.E. a lot of replay value is that achievements are attached to unlocking new things for future characters to be able to use. For example, if you register 150 shotgun kills, you will not only get 15 achievement points, but it also unlocks the Shotgun skill tree for when you create a new character (which can come in handy if the class you want to play doesn't have that specialization).
Another example is that if you playthrough "the majority of the game" with certain members in your party, additional bonuses apply when you unlock the achievement. For example, if you play through the game with the Krogan party member, when you unlock the achievement your future characters will gain the ability to regenerate.
Bioware was very smart in making a game that's appropriately lenghty (30-50 hours), while making achievements that add to replay value and longevity.
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