TV Or Movie For Mass Effect or Both ?

Neither is my vote.  I agree with dmc1001 , I think there would be hell to pay with most of this fan base the moment a TV Show or movie put up a Shepard that didn't match the favored personality of the individual fans.  They stand to lose more than they'd gain.  Most video game movies or shows are mediocre at best anyways.  I personally prefer to see Hollywood focus on making movies and shows with original scripts/stories/ideas rather than these constant attempts to just cash in on old brand names.

Furthermore, if they did make a particular personality of Shepard canon and particular choices canon by putting them in a movie, there would be no point to the game at all since the whole concept behind the game is to make your own Shepard and make your own choices.  The combat. mini-games, and scanning aren't that great that I'd replay it just for that.  Andromeda?  Maybe I'd replay it just for the combat...  It's also better suited for a movie since Ryder is less variable than Shepard and there is one of each gender in the universe regardless of which one you played as Pathfinder.  A movie could easily take off from where the game left off... an Andromeda movie that could advance the story in such a way that it takes us back into the Milky Way primed to play a new Trilogy there.

She'd also be best buds with Wrex, cure the genophage, save absolutely everyone she human she could in ME1 including grovelling to Lord Darius and letting Balak go free to save the hostages and taking the bribe from Dr. Ross.  She certainly would never throw a merc out a window (might break a nail).  She also loves spiders and saves the Rachni Queen and then bolts from the facility without dealing with the Rachni kids.  She would definitely save Kaidan on Virmire, leaving that B*tch Ashley to get a real tan from the nuke.  She'd certainly turn Legion over to Cerberus, but destroy the collector base.  Of course, in the end, she'd choose "world peace" (i.e. synthesis) because her favorite movie heroine is Sandra Bullock in Miss Congeniality.

... and if they make this movie or show using my version of her instead of yours, how would you feel?  That's the problem.  The fans are just so invested in their own version of Shepard, I doubt any version that differs from their vision would go over with them.  The point of the games is to be able to "design" your own Shepard and roleplay him or her by making different choices.  The moment a particular Shepard gets set on screen, there is absolutely no purpose to playing the games anymore - even a remake of them.

It would have to be TV, not enough time to cram everything in a movie. Although I would hate to see either. Making an actual canon for Mass Effect would infuriate the majority of fans.

Depends on whether or not they intend to follow the source material. For example, I watched the three seasons of The Magicians before beginning to read the books. They are completely different. It's a very VERY loose adaptation, but it works. But, again, the book wasn't a choose your own adventure where there were different possible outcomes, different romance options, etc. The games were that, to the extent that they still had to make a definitive ending.

I would choose neither, for reasons that have already been discussed.

Now, a tv series that chronicles the First Contact War could work if done well, with a mix of humor and drama similar to Farscape. It has a real possibility of becoming a cheese fest, but with the right director and writers, it at least would avoid the issue of negating anyone's in-game choices.

One slight concern I have with a TV Series about the First Contact War is the duration of the war itself.  It was very short.  M*A*S*H did manage to stretch the Korean War into several seasons (much longer than the war lasted), but it was a very different sort of series than I would imagine most Mass Effect fans would be anticipating.  However, it would certainly be an improvement over the idea of doing any sort of film of the original Trilogy (involving Shepard).

M*A*S*H? The best tv show ever. Hard to believe its been 35 years since the last episode was aired.

Even if ME were to become a tv show, I'm not sure if I would be interested enough to watch it. A movie? I might go see.

I'd go for a TV Series: "The adventures of a young David Anderson."

First we get a pilot miniseries (like Battlestar Galactica did) about the first contact war, where a young Anderson, fresh out of N7 training earns his spurs while fighting turians.
Then the first season starts a few years later when Lieutenant Anderson is XO of the Hastings, patrolling Earths new colonies in the traverse and getting into all sorts of trouble.
The season one finale is an adaptation of Revelation, Anderson's infamous mission with the turian Spectre Saren.
After that, we follow Anderson's rise through the ranks, doing some covert operations and ultimately getting his first command.

I do think, a prequel series like this would work best for ME. It doesn't screw with the trilogy and there are more than enough interesting stories to tell in that time period. With Anderson, you'd also have a really cool lead character, who'd establish a connection to the games but who could still be a great and faceted character on his own.

Not entirely sure my timeline for such a series is that great though. Might be better to just follow Anderson from the first contact war onward and make the Revelations adaptation something like a post series movie (like we've seen with a lot of Scifi Series, like Star Trek (real big budged movies), Farscape, Firefly, BSG and more).