Well, more than anything I just find the setting to be cliche and in poor taste. Just because RPG games famously began in the middle ages with dragons and wizards and knights in black armor doesn't mean it can't ever venture from it. It just makes the developers look unoriginal and bland - like they can't come up with their own setting.
Why don't we have a mythological age RPG game (Think God of War - but RPG)? It's not like you couldn't still create monsters that didn't exist and maintain an interesting story. Why not an accurate medieval period RPG with no wizardry or magic - just realistic settings. There's a ton of ideas out there and the only ones who seem to do some venturing are the Japanese developers, and then you're into that whole Japanese style RPG mess (Like, what's the one with some kid in a fictional country that is being attacked by Nazis or something - it was on Unskippable). Or the Final Fantasy world, which while I'm not a fan is at least totally unique in the sense it's based in it's own scope of reality - like an alternate universe almost. Even Japanese games that aren't RPGs do a better job of making a unique setting - look at Acecombat, it has it's own countries and conflicts all unique to it's own history (The only real part being the planes, which is good as fake plane models would be cheap).
I have to qualify myself by saying "Does anyone else..." because it seems like anymore people don't. Obviously no one is sick of playing WWII FPS games because they keep making them and people keep on buying them. And not just WWII FPSes, WWII FPSes from the American point of view - with not an ounce of a chance of seeing it from even a German solider who betrayed his own country or anything like that (but that's another issue).
Why can't we get an RPG with something like actual modern weaponry (In my head I'm picturing a sort of Rainbow Six of getting to pick your weapons - that whole lot) and modern vehicles? I mean look at the success of CoD 4 and MW2 in comparison to the other CoD games...I understand that's FPS and we're talking RPG but there's nothing that says you can't take a common FPS setting and put it in an RPG world. The best we've had that I can think of so far is Fallout 3 - there's no stupid magic in it, just guns and melee weapons. It's the whole magical aspect I have a problem with, there is no real sorcery. Even if a game claims to do it a whole different way than the others it's the same thing. It's like how many ways can you cut an Apple pie and still have an Apple pie...it just looks a little different.
There are some future based RPGs here and there, Mass Effect being the one I can think of currently although you have KOTOR (Although technically the Star Wars universe is based in the past in a distant galaxy so meh - take it as you want). I'm just surprised people are still raving for more middle ages stuff. Wasn't the Neverwinter Nights series, the Elder Scrolls series, the Gothic series, the Witcher, Two Worlds, Dragon Age: Origins, D&D Online, (Now I'm drawing off related titles on Gamespot) Risen, Ultima Online, Dark Age of Camelot, and a countless list of others enough to get your fill? How many more interpretations of this same mythical era do we need? It's just so saturated that original ideas seem so few and far between - more like tweaks to the existing formula at this point.