First RPG on your to do list should be Demon's Soul, the game is everything Oblivion should have been when it came to combat and scale. And it also has its own spin on KARMA.

Next stop should be Mass Effect 2. It will be awesome and you have played the first alreaady so ur game will carry over.

If you are more into JRPGs....
SO4 will rock your socks off in gameplay, story will be meh. Get PS3 version seeing as it has bonus content. Eternal Sonata and Tales of V both have bonus content for PS3 and i dont know of any decrease in quality when they made the jump to MP.

WKC is the big JRPG(other than the obvious FFXIII) to look out for in the next few months. Check the official thread for details on it ;).

Resonance of Fate looks Epic, look into it. Last Rebellion looks to be interesting like any NIS game. I hear Cross Edge is pretty good as well.

I think it depends if you plan on reselling your games after some time. Resale value for used xbox games is very low, but then they don't cost a lot.

@ Cloud : Cross Edge had horrible review scores (unfortunately). Haven't tried it personally though.

RPG's that I would consider:

Demon's Souls: Dark, challenging and addicting

Tales of Vesperia: Probably the best Tales game to date. Great characters and an amazing battle system.

Blue Dragon: The story is somewhat original and it has great music and a really quick and fluid turn-based battle system. The characters and voice acting aren't great, but the game let's you switch to multiple languages and put on subtitles if you so please

Ones I would avoid: Infinite Undiscovery, Star Ocean 4, Last Remnant

All three of these games are plagued with technical issues, and all have shitty characters and generic stories to varying degrees. The battle systems all have their upsides, and you might get some fun out of them, but I found all three of these games to be inferior to the ones that I listed above.

When is Demons Soul coming out in EU? I can't even pre order it on Amazon UK...

I think I might give Blue Dragon a go...it's by the makers of LO and dirt cheap.

Tales looks good. Eternal is very cheap on 360.

So Cactus you disliked SO4 too? I heard it was the better of the three Square Enix games.

I liked Infinite Undicovery the best of the three. It was pretty bad in terms of secondary characters and the story had a lot of annoying clichés but I found the battle system to be really fun, especially in the multi-party dungeons.

Besides having a larger scope and successfully making me feel like I was exploring small parts of vast areas and planets, Star Ocean was worse in every respect. The characters are all lame, the story is one giant cliché that is filled with multiple smaller chichés, and the battle system is ruined by the crappy targeting system.

I can't say much about LR since I traded it in after 10 hours. From what I played, the only positives that I can think of are the music and the idea behind the battle system.

I'm sure many will disagree with me, but these are the experiences I had while playing, or attempting to play, these three games.

It wasn't even announced for Europe...

You should've waited on Star Ocean for PS3, but w/e, won't make a huge difference.

You could try MagnaCarta II on Xbox 360. I can't guarrantee you'll like it, though. Folklore, too, though I do like the art in that game.

Also, Demon's Souls is kind of like a 3rd person Diablo. However, if you can't stand dying often to learn things, I suggest you avoid this game.

I don't have SO4 but it looks good to me but there are better ones out there I've yet to play I'm sure.

Oh, my apologies, I misread your earlier comment.

PS3:

White Knight CHronicles on Feb 2nd

Apart from that everyone else has pretty much said everything there was to say

Also MArch 9th, FF13 on march 9th!!

save up money for those two!