You get to make a new character, that doesn't talk ALOT about ME1 events. The original Council's dead, Udina's a councilor, Wrex's dead(NO!!!!!), and the same-gendered human squad member from ME1 died on Virmire.
In short, ME2's no good to play without an imported character. I ACTUALLY played through ME1 first when I lost my saved games on BOTH games. ME1 first, then ME2. And when it's out, ME3.