I'll post what I posted last time a thread like this came around:
Valkyria Chronicles - Brilliant SRPG with a beautiful watercolor aesthetic. Mixes turn-based combat with real-time quite successfully, yielding one of the most interesting combat systems in the genre. Main story is a little cheesy, but the bit characters more than make up for it.
Demon's Souls - Challenging and near-perfect dark fantasy action RPG. Level design, combat, monsters, all pretty much as good as they can get. Extremely rewarding once you get the hang of it. Keep your eyes open for the sequel (Dark Souls) too.
Disgaea 3 (and 4 when it's released, it looks awesome) - classical turn-based SRPG. Like Final Fantasy Tactics but with smoother gameplay and a ton of weird humor. If you have the console for it, you should try the earlier entries in the series as well.
Folklore - Weird game. Plays kind of like a third-person beat-em-up with RPG elements. The combat system feels kind of like something that started out on the PS2, saved mostly by the large variety of "folks" you can use for your attacks and the intriguing story. Has some excellent character, monster and level designs as well as some great music too.
Wipeout HD/Fury (PSN) - Awesome futuristic racing game. Has a lot of different gameplay modes and sticks with the franchise's tradition of incorporating modern electronic music.
