Mass Effect 2 does have New Game+
BioWare has incorporated "New Game+" into Mass Effect 2, despite originally ditching it because it would make it harder to handle the transition to Mass Effect 3. New Game+ allows players who complete a game to replay it using the same character with which they finished it, retaining abilities and so on. The process is complicated here because the Mass Effect games are intended as a continuous narrative, with episode two (and eventually three) able to inherit decisions made by players in the original adventure via a save-game import feature.
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