Mass Effect is pretty much the greatest RPG I've played all year. It completely destroys all the terrible cliches of RPG's including:
1: Boring, stale gameplay.
2: Boring, stale cinematics filled with text boxes and terrible writing.
3: Boring, stale sci-fi universes.
4: Boring, stale world design (because the maps in all RPG's must be flat, one dimensional spaces designed so that only the main character can interact with them).
After playing ME, I will never look at RPG's the same again.
A lot of people seem to have skipped over Brave Story on the PSP which is pretty much the best handheld RPG if you're a fan of traditional jrpg's like Final Fantasy IV n stuff.
The Front Mission port on the DS was alright. The translation wasn't as polished as FF Tactics but it's first official english version of FM.
If you haven't bought Persona 3, do it. Copies are already starting to inflate in price on the internet.
As far as upcoming RPG's go, Kingdom Under Fire Heroes looks downright fantastic. I've always been a fan of the series and the new one is going to be a massive action-rpg unlike the previous action-strategy versions.
Lost Oddysee for the 360 is also being made to cater to both Japanese and American audiences. One side of the story will follow the good ol Japanese "16 year old kid discovers friendship and stuff" storyline while another storyline revolves around a 1,000 year old "god" of sorts who tries to cope with the reality of being, well, immortal.
Eh, RPG's in the "traditional" terms are dying out and for good reason. Nowadays you see the genre being twisted into other genres and I'm a big fan of this. I'm tired of all the generic running around and mashing X until something happens. To me, Breath of Fire: Dragon Quarter was like the "eye opener" as far as taking old RPG's and molding them into new directions goes.