The Last of Us is probably my favorite.
Honorable mentions: MGS4, Bioshock, Uncharted 2, Tales of Vesperia, Rainbow Six Vegas, Tekken Tag 2.
Not a fan of this generation as Japanese developers had it rough. I wouldn't have felt it as much if I played Demon's and Dark Souls. Truth be told, I didn't game all that much since that generation... so my judgement has been based on impressions (previews, reviews, videos) and very limited hands-on experience