I still would say that oblivion, vampire the masqurade, Fallout 3 and the rest of the games that are more or less first person shooters+level advancement and dialogue options are not RPGs. They are in the same tree, but they're at most cousins (while I would say SRPGs, JRPGs and RPGs with real time adventure action like the witcher or Neverwinter Nights are siblings).
If fallout is in the mix then yes fallout is the best RPG out there, but I don't think it is an RPG in the same sense.
As to the 360 vs PS3, I played the PS3 version, returned it, tried the 360 version (since I got credit rather then cash and that gamestop didn't have the PC version) and was similarly disappointed (it didn't have REALLY bad problems like the R2 button sometimes not working, but the graphics were just OK and it was actually harder to control then the PS3 version, maybe its just me but those joysticks are so badly placed).
I played it on the PC finally, giving up on the credit and just direct 2 driving it, and my next 40 hours of free time were consumed by that damn game. The PC version is night and day superior to either console version (the differenece between the 360 and PS3 is marginal, the difference between both and the PC is immense). The graphics are Crysis good, the gameplay is really easy to control, everything loads fast and moves flawlessly 99.9% of the time...just all around win.
I don't even have half the world explored yet and I'm maxed on XP (one weak point, if you do even marginal side quests you max out pretty fast). I still need to finish it, but I got distracted by Valk and R2, I'll go back in a bit, but those 40 hours were great (my enthusiasm quickly waned when I wasn't able to advance my character though, I REALLY wish the limit wasn't so easy to reach or there was more alternative advancement paths then just occasionally finding a book).
Anyway the equation goes Fallout3 >all other current RPGs except maybe the Witcher if its considered an RPG.
Fallout has given rise to a new dream, an Obsidian style Knights of the Old Republic 3. I can't even imagine how awesome that would be, it has potential beyond reason.
To those doubting its legs, I think it is of sufficient quality to pass at least 500k lifetime. A lot of games that were marginal successes were that way because of mediocre reviews and bad word of mouth (say, Lost Odyssey and Blue Dragon). VC has some very very good word of mouth, great reviews and is an A+ game whether Fallout is better or not.
I really hope it does pass 500k so there is a good chance of seeing a VC 2. The only strategy game that could get me more excited then VC2 would be a new Final Fantasy Tactics game that isn't bogged down by being on crap handheld hardware like the DS. FFT+Final Fantasy 13 production values would = best game ever just like FFT was at its release (IMO anyway).