Bioware has confirmed that the new Mass Effect 2 will have no New Game+ feature with the simple statement, "The short answer is no."
On the bright side, they also confirmed in the same statement that there will be loads of DLC and a Mass Effect 3.
Apparently, the removal of the feature had to do with being able to carry over your skills and abilities form Mass Effect 2 to Mass Effect 3. Another tasty morsels is that the decisions you make in one game will also carry over to the next game...interesting.
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