There's is a high chance for a new IP to make DQ of FF a run for their money.
Last generation, the RPG battleground was the PS2. During this period there were RPGs that were as good and even better then FFs or DQs in substance, but is very hard to compete against franchise with a successful past that build up hype. It's what the fans expect. That's why new IPs had little chances.
On the other hand, since N64, Nintendo's consoles housed very few RPG's. On gamecube, ToS, SoA and BK were on their own very successful. ToS has sold the most units than any other Tales game in America, and there are even gamers that think of it as the best RPG ever made. Namco's biggest mistake was to not push the franchise on the GC even more and went back to PS2 where it was "safer ground". they had all the chances and even more when Square relased Christal Chronicles and gave them the opportunity on a PLATINUM plate.
On Wii, there is an opportunity as golden as El Dorado. The mayority of Wii owners don't care if a game is a Final Fantasy or not, they aren't RPG fans and hype is almost null.... If a company can successfully make and market a Role Playing game fornthe platform, it's going to be really successful, given the wider installed base
