Mass Effect DIED along with Shepard at the end of ME3. And it died with a whimper as the company failed to provide what they had promised from day one; an ending affected by the decisions made during the life of the series. They cheaped the ending and killed off the main character (unless you picked the ending that kills off all A.I.s in the game, undoing most of the decisions you have made thus far). Making another Mass Effect now, is like making a Halo without Masterchief, you could, but really what's the point?
You make a good point, but I never play games solely for a certain character. Whether the main character dies or not shouldn't affect how you view a future game. Halo: Reach was one of my favorites in the entire Halo series (Not showcasing Masterchief) and most of the team died. Another Mass Effect game is worth keeping a close eye on.
According to this there will only be an Xbox and PS4 version of the next Mass Effect,
www.christiantoday.com/article/mass.effect.4.release.date.ps4.and.xbox.one.version.to.be.released.2015/39052.htm
ME died after the second game, so if the consol only holds true, no biggy