In order for a ME MMO to be successful, I think they would need to create space and ground combat. Both space and ground would need to be explorable. Despite wanting an ME MMO, I think that the ME universe is too big for an MMO game. However, if they decided to do it:
For ground combat, I think that cover and shooting could work in a multiplayer setting as long as the battlefield were big enough to maneuver. I have no idea how space combat exploration would work other than an MMO game needs it. I forget but wasn't the ME galaxy explored to only 3% or something? That's 97% to play with.
Gameplay wise, the problem would be balancing. I don't think it would be good to follow a class system. Instead, cost of items and a hidden skill system would be the way to progress. I'm thinking that there would be background starting situations. An example is "Rich Boy" and "Soldier".
"Rich boy" could get a boost in starting currency and maybe some sort of trust fund that supplied credits every 10 hours or so you are logged in. You could deposit money into the trust fund for better returns, or take some out for quick cash. However, you would absolutely suck at skill progression. You would have to rely on buying the best items possible.
The "Soldier" would be great at skill progression in a very limited field i.e. combat skills. Barter, hacking, etc would all suck.
Of course these are just examples, but I believe it would add a believable element to the ME universe instead of classes. This way story and progression could be combined to deliver a good gameplay mechanic.
I have other ideas as to how a ME MMO could work, but this post is getting rather long. I'll leave it here and maybe post some of my other ideas at a later date. Also, I have no idea that this would work if it was made.