I might have to play ME1 again a few months before #2 comes out. I remember it being a bit weird, bit tedious to start with but as it went along I found myself enjoying it more and more. It wasnt something you could instantly replay though.
I have already did a new play through getting a lot more items, level ups etc, virtually doing everything even though it was a bit tedious already for ME2 because it will port your saved data.
Reading up on it, its not going to port as much as youd think/hope.
From what I can gather the only thing that will go across is your appearance and story choices so at the start of ME2 theyll think of you as a hero/dick based on what you did in 1, and people you killed in 1 wont be in 2, thats pretty much it! Your level and abilities wont go across due to the new game mechanics. Am guessing that also means the weapons/armour wont come across either.
They did a basic version of this in KOTOR II where NPCs would occasionally refer to #1, and you could answer based on your actions, such as your character being male/female/good/bad etc.
I think when the release date is known Ill make sure to replay through ME1 once more so I can go straight to #2. From what I know of 2s story there are references scattered throughout #1, so itll be a bit more epic to do them both back to back