BioWare's healthy right now, and looks poised to become the first western RPG developer to seriously challenge JRPG superiorism. Valve is as effectual as always.
It's easy to overlook Nintendo because they're so residual, but even given the relative flaccidness of the Gamecube and Wii in relation to their earlier consoles, they've still managed to produce a steady stream of notables - Super Smash Bros. Melee, Metroid Prime, Super Mario Galaxy, etc.
Capcom seems to be having a second coming, perhaps best evidenced by the success of Resident Evil 4 (their best game since Street Fighter II), and the positive PR encircling Street Fighter IV's eminent release.
As smaller developers that command interest go:
- Studio Gigante appeared ready to reenergize the bereft American fighter industry after Tao Feng and WrestleMania 21, then promptly collapsed. After that the founders - Mortal Kombat co-creators Joshua Tsui and Dave Michicich - suffered a brief stint at EA Chicago where they graced the excellent Fight Night Round 3 before beginning a new company, Robomondo. For my money, it will be one to watch.
- Founded by ex-Lionhead employees, Media Molecule is currently working on LittleBigPlanet - a title that could lend the PS3 some much-needed steam by way of exclusives.
- Bethesda Softworks, of course, is hard at work on Fallout 3. And on the strength of the IP, it may be their best title yet.
- Slipgate Ironworks was founded by John Romero and several others after his and Tom Hall's departure from Midway. So far, the only thing I've read about them is that they're working on an MMORPG, and that they've developed a musical scoring system that arranges itself into compositions in the same way, say, the dungeons in Diablo would. This may turn out better than Daikatana.
- Double Fine Productions were responsible for Psychonauts - which critics praised, and Edge had the gall to call one of the greatest games ever - and soon they'll be releasing 'Brutal Legend', a heavy-metal send-up featuring voice talent by Jack Black that will hopefully reprise Tim Schafer's signature LucasArts aesthetics.
- Not a dev per se, but Microsoft Game Studios is really hot right now: Rare seems to be ramping up their outpost post-PD Zero, Ninja Gaiden 2 was recently released, Fable II may be a Zelda-killer, 'Infinite Undiscovery' (co-published w/ Square Enix) has been dubbed an evolutionary RPG even before its release, etc.
And there's many, many more. But I'll stop here.