I CANNOT have heard that right, this game will have ENGLISH SUB right of the bat with the jap release????? Are you certain of this? Can you quote a source? This would be the single most revolutionary thing any big budget JRPG has ever done.
More revolutionary would be to actually launch the damn things simultaneously worldwide. Considering how long development takes these days, and what a small part of the process localization is, I have no idea why this isn't the standard already.
With toned down graphics and lack of HD, any 360/PS3 game this gen could have been done on a PS2/XBOX.
Of the next-gen (new-gen?) games I've played (which isn't many), so far Assassin's Creed couldn't have been done on the last generation of consoles. A massive city where you can climb a tower and look for a kilometer into the distance, with everything you see being accessible... impossible until now. Same goes for the climbing mechanic, where the game automatically moves you across a vertical surface with convincing animations.
LittleBigPlanet probably also belongs on this list, but since it's technically not released maybe I shouldn't mention it. It might have been doable in 2D a la World of Goo, but I don't think we could have seen a fully 3D rendered world with this size, complexity, and quality of physics running smoothly in the past.