Folklore is one of my favorite games on the PS3. I love the story and the numerous storytelling techniques it uses - though it takes a while for the story to kick in. It also uses the sixaxis feature pretty well. It's more of an action game than an RPG. Another nice thing about the game was the battle system where you use folks for fighting. A lot of folks attack differently, so it keeps fighting fresh. The music in Folklore is wonderful, as well as the art style.
The downside is that it's very repetitive. You are forced to use both characters to finish the game, and the levels/bosses for both are the same. You go through the same level and fight the same bosses twice! There are also some framerate issues and slight pauses - the optional install doesn't really help.
Get it for $30 or less. It's a good game but very repetitive.