I personally feel the 360 has more enjoyable RPGs than PS2 did. Aside from the Nippon Ichi titles, I was very dissappointed with most of the PS2 fare. (I literally shouted "THAT'S FUCKING IT?" upon beating FFX)
Mass Effect, Eternal Sonata, Enchanted Arms, Fable 2, Lost Odyssey, Blue Dragon, Fallout 3, Oblivion, Tales of Vesperia, and so on. Varying styles of RPGs but all that I've played have been more interesting and for the most part, had better plots than half of the unifinished RPGs that I have sitting for my PS2 right now (And that is a LOT of RPGs I have sitting for that system mind you)
Not to mention upcoming plans for Mass Effect 2, Final Fantasy XIII, and others that I can't even keep track of.
Microsoft really is stretching out to get a bigger fanbase than just the shooters and fighters on this console, and frankly they're kicking ass at it.
Edit: That said, I wouldn't mind seeing a Chrono game in the hands of Mistwalker, save for the fact that would isolate Kato from the project. (Mitsuda is a freelance developer now, I believe.)