For those wondering, he has said in some interview (I know, proof or it didn't happen but if you're that cynical then I'm not too bothered if you believe me or not) that he has plans for a series of Lovecraft inspired games. I can only assume that this is that same project.
Sooo, cosmic Lovecraftian horror with portal-hopping.
Note that not once in the quoted material did the term Sci-Fi come up. It sounds like people are misinterpreting what he said.
Mass Effect involves (SPOILERS) an ancient race waiting to surge into our galaxy and eradicate all life, and they use portals and essentially 'thralls' to do it, along with twisting organic life (Saren) to their ends. (END SPOILERS)
The comparison doesn't necessarily mean that the game will contain space-ships and technology, or in fact any of the trappings of modern sci-fi. After all, Lovecraft wrote about creatures from space, but they travelled through the void unaided, not a warp core or dilithium crystal in sight.