Correct me if I am wrong but... Dragon Age: Origins was revealed at E3 2004, which means it was in pre-production prior to that. Dragon Age: Origins was released in late 2009... that means a minimum of more than 5 years of production, give or take.
Mass Effect 1 was announced as Xbox exclusive in 2005, stated to have been worked on for more than 3 and a half year by its release, maybe close to 4.
Knights of the Old Republic was also in production for little more than 3 and a half year, maybe 4 if you take in their earliest accounts of production from 1999.
...I am gonna (just for fun) take those two ladder out of the account and go back to DA:O.
So... Dragon Age II roughly had a bit less than 2 years of development, if I give them quite some benefit of doubt and say that they jumped directly into development rather early after DA:O release date. (Disregarding the whole Awakening Expansion).
Soooo...
DA:O - 5+ years from pre-production to finish (Released 2009, 9th november)
DA II - Less than 2 years from pre-production to finish (Released 2011, february)
We are in 2012 now.
...My math is not on the calculative level of some prodigy... but, I am gonna throw this out here and say that. Unless these guys do not plan on releasing this until 2015-2016, and we give them the benefit of saying that they started developing this at the same time as DA2... then ladies and gentlemen, this conversation is being transcribed to us with rose-coloured glasses, so shiny it is not even funny.
Could still be bigger than previous titles, but do NOT connect the productivity time with size. Rpgs need time, DA II was a rather good example of that. And depth does not come from cutting edge technology making things move along faster, depth will take years to make good so. I hope they are just excited for the size, and not trying to PR this to make it sound like the second comming of some golden rpg messiah.
Dragon Age 2 and Mass Effect 3 are breathing over their shoulders, they have a lot to fight against, but I do hope that they are up to the challenge.