GN90 wrotedon't dream about mass effect on PS3 , very old rumors. Its not a matter of being able to transfer the code or not, its a matter of having an exclusive game for the 360 (more Microsoft) cause exclusives are important for the current console war. That's one of the main factor that made Sony regain a little bit over the 360.
Just play it on PC.
Mass Effect is one of those games where Microsoft paid big bucks to keep it exclusive (much like GTA DLCs and the CoD:MW2 DLCs). They don't own Bioware (under EA now) and I don't think EA would sit this one out and miss on some decent cash by selling the games on the PS3.
In addition, Bioware representatives have not confirmed or denied the game's fate on the PS3: "no comment" all the way.
As a side note, I will definitely be getting the game to play it on the PC
if it doesn't come out for the PS3 eventually.