Maybe a lot of hardcore RPG fans moved to PC and/or DS? The RPG genre has never been more alive than it is today on PC, and the DS seems to have all the JRPG love. Maybe that's why there's some decline on home consoles.
If we're talking about story-driven JRPGs, they're bound to disappoint, since they're in obvious decline, much because of the takeover of WRPGs on consoles, and the reluctance of japanese developers making JRPGs for PS360Wii.
As for WRPGs, they seem to be healthier than before. The Witcher 2, Diablo 3, Torchlight 2, Dragon Age 2, Dungeon Siege 3, Mass Effect 3, Guild Wars 2, etc... all being released in 2011 or 2012 proves that. But again, most of that success is only coming on PC, with consoles getting little major WRPG releases.
