According to Variety, BioWare's most recent RPG, Mass Effect, is to definitely be a movie. There have been rumours floating around for a while, but Variety seem assured that the rights have been optioned by producer Avi Arad (responsible for every Marvel movie you can think of).
Of course, stuff gets optioned all the time, so this isn't exactly the beginning of production. This is Mr Arad expressing an interest in getting a film off the ground. Although he must be a bit busy, with his own recently launched company, as well as producer/exec producer credits on thirteen forthcoming Marvel movies in the next five years. So there's likely a bit of a wait before we find out which version of Commander Shephard will make it to the big screen. But if it's not a she, with red hair and a pointed face, who survived a terrible attack, then I shall protest outside cinemas. (Thanks to Andrew for the tip).