Mass Effect 2 will not be having a new game plus mode with it. For those of you who don’t know, new game plus is an option in a game that allows you to start the game over while retaining all of your previous abilities, weapons and perks. This was an option that was available in Mass Effect, but will not be available in Mass Effect 2.
The lead designer for Mass Effect, Preston Watamaniuk, has answered many of the questions arising on Bioware’s forums. The reason is not because the feature isn’t wanted, it’s just that having that feature wouldn’t fit into their plans for Mass Effect 3 apparently. More specifically, they said the reason is because they designed the abilities system to allow you to have a smooth progression from Mass Effect 2 into Mass Effect 3. Meaning, the reason is they want smooth progression. He explains that allowing you to have double progression would make it impossible for that to be smooth. They replaced that feature with allowing you to be able to play after you’ve beaten the game.
So that smooth progression means that whatever you do, get, and achieve with your character in Mass Effect 2, will carry on into Mass Effect 3. Some are disappointed with this, and some are thinking that the new game + mode will be added as DLC, however, I wouldn’t get your hopes up. Their reasoning pretty much makes it highly unlikely for the mode to come at all. The ability to play after you beat the game will be what you have to settle for, it seems.