Having read the FAQ, here's the good and bad about this decision.
Good:
- Sounds like they're going to bring some closure to the situation, perhaps in a format akin to the end of Dragon Age or Fallout: New Vegas. Things like the fate of certain characters, or whether or not that fleet that warped in to Earth has to eat their own crewmembers to survive.
- They're trying to thread the "it's art, but we heard the fans and are going to fix a few things" issue. Probably the best way to do it, all things considered.
- It's free. So even if EA had plans to DLC the "true ending" they aren't doing that now. We may never know, in the end.
Bad:
- Anyone unhappy with the whole premise of Shepard's choice: doesn't sound like they're going to change that.
- Doesn't sound like they're going with indoctrination theory. If that's the case, they better do a lot of plot-hole filling.
- The press release is bit too defensive in my tastes, which worries me. The last thing I want out of this Extended Ending is a bunch of Take Thats from Bioware. That, more than anything, would kill my desire to buy another Bioware title, and I hope Bioware is mature enough to get that.
As for my personal wishes, he's what would do it for me:
- Closure elements based on the major decisions of the three games
- What happened to the fleet
- What the deal was with the Normandy's part of the ending (the escape, the teleporting squadmates, the planet, etc.)
- Earth and the galaxy - some of the ramifications of the big three choices
I can't say I'm optimistic here, but I will say this... it's not like they can make things worse (well, they CAN, but you'd have to try really hard).