Mass Effect 2 time limit?

What you heard is partly true, but not in the way you think.

As you approach the end of the game (And I mean, the moment BEFORE you begin the final mission!) Something very bad will happen.

After that point, you're expected to proceed immediately to the final mission (And most players will probably want to after seeing what happens.) However, you can choose to ignore what occurred and continue faffing about the Galaxy.

If you proceed to the final mission, you won't be punished for delaying. But if you ignore what happened, well things will get worse.

Don't worry though, this only occurs VERY late in the game right before the final mission. Beforehand, you can explore the galaxy and do as many side missions as you wish.

1) I have never heard that one before and I've delayed for a while before

2) you can continue to play after the main story to complete the side quests.

After a specific mission (the derelict Reaper), the crew of the Normandy (not the squadmates) will be abducted by the Collectors. You have time to do one mission afterwards, but delaying any longer will result in crew members dying before you can save them.

You can do as many missions before the Reaper IFF as you want without any problems.

It's actually the opposite. In order for your characters to survive, you need to do their sidequests :) The sooner you complete them the better.

If i'm not mistaken, what you are talking about only applies if it's the last mission and then you go off doing sidequests.