It really depends what you like. There is a ton of stuff hitting the PS3 and PC this year. Deus Ex (the one I'm waiting for), The Witcher: Assassins of Kings, Mass Effect 3 (hopefully). It just depends. The PS3 version of Mass Effect 2 is pretty awesome. The Dragon Age games are sweet as well. You could always download some of the classic Squaresoft games (before the company decided to suck) on the PS3 for super cheap. By that same route you could grab the classic Wild Arms (some of the best music of all old RPGs in my opinion). But all that is if you like story. If you just want a straight forward loot grind like WoW but without the monthly fee, Dungeon Siege III comes out in a month or two. Star Ocean The Last Hope can be found for pretty cheap--really fun battle system. Resonance of Fate is hard to get into, but has some good reward for sticking with it. Valkyria Chronicles is on of my personal favorites.
Though like Miyabi says, The Old Republic has some serious potential. If they can inject some awesome story into the gameplay, it could fill the void left by 90% of the other MMORPGs.
If you do tabletop or non-console RPGs, one of the best is the Legend of the Five Rings (L5R) RPG. I'm in a group that gets together for this monthly (at least). One of the best ones out there.