BioWare has been teasing its next game for quite some time, and as it turns out, yes it is Mass Effect 3 (though we all already knew that). Footage shown at the VGAs didn't reveal much, but was certainly on point with the leaked information from EAs online store that appeared earlier this week (and was quickly removed). It listed Mass Effect 3 along with a product description.
Here's a refresher:
"Earth is burning. Striking from beyond known space, a race of terrifying machines have begun their destruction of the human race. As Commander Shepard, an Alliance Marine, your only hope for saving mankind is to rally the civilizations of the galaxy and launch one final mission to take back the Earth."