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My pick for best RPG (and best overall game) is Xenoblade Chronocles. In second place is Demon's Souls.
Edit: at the risk of incurring Wright's wrath I will now explain my choices 
With its challenging and deep battle system, its focus on exploration and character building, and its beautifully-realized game world, Xenoblade Chronicles is a RPG for the ages. When players aren't fighting off monsters and mechanical warriors with a combination of skills, arts, and ether attacks, they can take on hundreds of side quests, manage "affinity" levels among their party members and the general populations, and craft gems for weapons and armor. The huge amount of things to do, see, and discover in the world in Xenoblade is astonishing.
Set in a medieval kingdom ravaged by demons, Demon's Souls tasks players with exploring several diverse game environments, slaying terrible monsters, and collecting weapons, armor, items, and souls, the currency of the game. It all sounds typical of the genre, but the game is anything but typical. Employing a unique permadeath mechanic, whereby demon slayers who fall in battle are reduced to a weakened "soul form," and an asymmetrical online multiplayer mode, whereby other players can leave behind hints or invade others' worlds, Demon's Souls brings extraordinary features to a fairly common genre. Add to those some memorable music, spectacular level and enemy design, and a steep difficulty curve that makes victory all the more rewarding, and what's left is one of the very best games of the seventh generation.
