Zenien
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As the owner of the code, Microsoft would not work out a deal with a publisher if they were going to port it to the PS3. They would never sign to a contract like that.
If Microsoft only owned the code there'd be nothing stopping them from simply porting the game from scratch without using the existing codebase.

I understand what you're saying, it seems absurd that Bioware would say they'd port it if enough interest was generated (any source on that, did we get one?). As an IP holder they could still create a Mass Effect game, seperate from the core trilogy but it hardly seems worth the effort. (granted for a while now Bioware has been elusive on re-confirming an actually trilogy)
Still if they said what they we're hearing they did there's a chance we don't know the full scope of the details behind the agreement with MS. I mean everyone was always like "There's no chance of any Bioware game coming to the PS3 because of the agreement they have with Microsoft, yet Bioware has said they are working on a project for the PS3. I'm not saying it's Mass Effect, it's most likely the "Totally not going to be KoToR, really!" MMO, or a version of Dragon Age.
On the topic of Bioshock, it's obvious something is up, the biggest evidence of that is the interview with SPONG (I have a feelling were the interview fake something would have happened by now), which adds fuel to the Bioshock fire, but also the Splinter Cell fire given the comments that Peter Moore made.
Find this sort of speculation annoying? My advice would be to deal with it, this is nothing compared to the constant, annoying, desperate, and repetitive MGS4 on the 360 meme that has been going on for like ever since MGS4 was first shown.