One Mass Effect modder has been hard at work to bring first-person mode to the original Mass Effect trilogy. LordEmil1 has pushed out a couple of videos showcasing his work on Mass Effect 2. While first-person mode isn't functioning properly (yet) in combat, it is working as intended when in conversation with NPCs/companions, walking in the Normandy and on the Citadel, etc. According to LordEmil1, there are plans to bring first-person to both Mass Effect 1 and Mass Effect 3 as well.
Learn more about the "First Person Mod for Mass Effect 2" over at NexusMods.com.