Mass Effect + Space Sim would be a pretty epic game if it were done right. I think space is a pretty appealing genre for people. It is neat to travel to different star systems, and become amazed by discovering strange little things out there.
Freelancer had great ship control. They could expand upon making it slightly more co-op friendly. Aliance systems fleets. Hell, if they released the same game with a few tweaks with DirectX 10 or 11 support, that game would be beautiful.
I just hope we see something Not sure who would take up Freelancer 2 if anyone. Did the origional freelancer do well at all? Digital Anvil is now defunct
Besides if a Freelancer 2 were taken on, it would probably be a console port. That just wouldn't feel right.