Short answer: no-one. Squaresoft of the 90's were a multi-team studio at the absolute top of their game. I don't think anyone is even close to achieving their pedigree out of the current crop.
Monolith and Mistwalker have made good games (atlhough I agree Xenoblade is great, people never bring up Xenosaga... did you all not like it, or not think it was good?) Regardless, they're just not big enough at the moment. They're small teams making moderately-sized games. Squaresoft were making AAA titles mixed in with lower-end stuff all coming out in the same year (of course, development has moved on since them).
Atlus are good, but they're also a publisher and distributor, and their games are pretty niche (which they seem happy with, which will stop them reaching the mainstream).
Namco Bandai & Sega have decent JRPG properties that they could develop further if they bothered putting some serious manpower behind, but they don't seem to want to. Understandable really. At least we're getting Tales of games in the west these days, so I guess I can't complain.
Special shout-out to media.vision though. Wild ARMs is my favourite JRPG series of all time, and Chaos Rings is bloody great too. And I'm told they managed to make Valkyria Chronicles good again with the third instalment. They should be given more work contracts imo - they're seriously under-rated.
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