Yeah, I really don't have a problem with the presence of different modes.
I mean, sure, I definitely want to experience the thrill of maximum difficulty combat and experience every single piece of dialogue in the game the first couple of times I play it and get the full game experience with nothing cut down or left out, but if I just want to blow through it on a weekend after the tenth time playing the game, then the presence of different modes might feel like a godsend. I've even had that experience going back and playing ME1 and 2 before, where I'm like, "I can recite this whole conversation by heart; I don't need to hear the full fifteen minute dialogue again."
Really, of all the things people might have to complain about in Mass Effect 3 when it finally comes out, I highly doubt this mode thing is going to rate up there, considering it has no impact on the final game product any more than giving a player the option to manually lower difficulty in the options menu or to manually skip dialogue, which all ME games already do. All it does is do it automatically.
If people are going to get their underwear in a twist about ME3, you'd think it should be about the actual content of the game rather than an arbitrary option and difficulty setting which didn't require the designers to add or cut anything from the finished product. It's a bit like saying a game is ruined because its opening menu screen sucks or because you can alter the brightness and sound settings.