As of right now, it seems that a player's character's customized appearance in saved games from Mass Effect 2 that were created by importing characters from the original Mass Effect cannot be imported. The bug affects both the PC and Xbox 360 versions of the game, and there are unconfirmed reports it also affects the PS3 (even though the Playstation did not have the original Mass Effect). Note that this only affects the character's appearance, not any of the storyline choices made by the character.
What this means is that players who have spent perhaps over 100 hours of playtime with their own, distinctive Commander Shepard are now left with the option of either playing with the default 'Broshep' appearance or trying to recreate their character's appearance again by fiddling with the customization options in ME3. Of course, the differences in customization options between the three titles means that it probably is impossible to use the ME3 customization tools to perfectly recreate "your" Shepard.
Several news sites have picked up the story. Bioware has provided an official response that they are aware of the problem, and offered suggestions (including copying your save game to a thumb drive, loading it on a PC, and editing it in a save game editor to get the 'appearance code' out of it) to try and work around the problem in the mean time.
Honestly, this is all kind of hard to believe as one would assume the most obvious import path to test would be ME1-ME2-ME3, so it's curious that this bug launched."