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BioWare announced the new, extended ending for Mass Effect 3 is available to download for free starting this coming Tuesday, June 26 for Xbox 360, PlayStation 3, and PC.
"The Extended Cut is an expansion of the original endings to Mass Effect 3," BioWare said. "It does not fundamentally change the endings, but rather it expands on the meaning of the original endings, and reveals greater detail on the impact of player decisions."
The extended ending adds additional scenes and epilogue sequences. "It provides more of the answers and closure that players have been asking for. It gives a sense of what the future holds as a result of the decisions made throughout the series. And it shows greater detail in the successes or failures based on how players achieved their endings."
The studio published a FAQ that hopefully answers any remaining questions you might have.