Sorry to be reviving an old thread, but I really want to comment on this! I hope no one minds? Like, there is no necromancy rule here, is there?(o_o)
There are so many things I love about RPGs that can completely make or break the game. Really when it comes down to it, a good or unique plot can really help make a game. An example of a good plot would be something like Crono Trigger, where you have a long and thorough, well thought-out plot with lots of detail and effort put into it. On the other hand, a unique plot that avoids cliche, or even exploits cliche, holds its own merit. Examples would be games like Sonny, which plays on the twist of a zombie RPG where instead of being a lone survivor in the zombie apocalypse it has the protagonist as a zombie himself. Then there's the MARDEK series having the satirical approach to cliches, poking fun at similar games without hesitation (really all of Pseudo's games do that.)
Of course, plot isn't everything. Relateable characters are incredibly important. Not just blank, run-of-the-mill characters. The best characters are characters with genuine emotions and reactions, and the better formed the character is, the more attached you can become to them. With that, you can immerse yourself in a game and fully enjoy it.
Gameplay is also critical. Personally I like grinding, and I loved the grinding in MARDEK. The thing is, grinding can be very annoying when there's too much of it. I mean, look at Arcuz. The first chapter took me quite some time to get through, and the protagonist was a silent protagonist, the side characters had crappy personality and there was no fan-service to speak of. >:( The music was reused from other games by the same makers, the monsters were generic and there was TONNES of grinding. However, the game had good sidequests and a somewhat interesting plot, with okay combat skills and fantastic customization. Then came Arcuz 2. It came with the (false) promise of more fan-service in the main menu screen.(>_>) It added the feature of allies, but other than that it was more of the last game. A LOT MORE. LIKE, IT TOOK ME THREE BLOODY DAYS PLAYING A HACKED VERSION OF THE GAME TO BEAT IT! Why did it take so long, even though I didn't have to grind for money or for weapons or for experience? BECAUSE IT TOOK ME THREE ACTUAL DAYS TO GET THROUGH THE MAZE OF LEVELS WITH SUCH POOR MAPS AND SO MANY MANY LEVELS! It was unbearable! And it really wasn't worth it. The game had very little plot and very little meaning.
So yes. Excessive grinding is only okay if you're greatly rewarded with good plot.
I really love customization, though. It's really fun to have a game where you can design your own character, forge your own weapons and pick your own skill sets. That's why I love Deliverance so much! It's just a shame that there aren't more variables to change in it! More faces to choose from, perhaps a skill tree and class system... That game was amazing.
Then you have to consider physics. I like an RPG to have a little magic, but to have the magic firmly rooted in certain types. Too much magic and sporadic magic makes a game too complex and hard to follow. In other words, the Sonny system had too many status effects, and it was difficult to understand them. Combine that with Sonny's complex and underpowered stat system of piercing and "defense" and you have a battle system that saps energy from an otherwise fantastic game. I like a system that groups characters into certain classes and gives them types of skills in those classes, and preferably, related to certain elements. I mean, ultimately these games all come down to the basic combat system of "Run out of MP and it doesn't matter, run out of HP and you die, make the enemy run out of HP and you win". It's just always nice to see a system that makes that more interesting than a basic math problem.
Items are always very good, though. I like games with conventional medieval weapons, like bows and swords and axes and whatnot. I think pretty much everyone does. It's really great if you can add an explanation as to why guns don't work in that world, such as magic overpowering them. Of course, it's also good to explain how an untrained farm boy can suddenly pick up a sword and know how to use it (i.e. sword skills learned form the sword, magical strength enhancement and so on.)
Other than that, a good world is just wonderful. I don't like playing a game where you just crawl through one dungeon for a long time *cough cough* Arcuz 2 *cough cough* or where you only have, like, three locations to visit *cough cough* Sonny *cough cough* but I prefer a world with numerous locations to explore, different nations and different types of people, lots of fun and interactive environments. A whole world to explore, really.
Compared to all this, graphics are very little... though I will say that the game is very little if you can't at least see the person's face. Another reason to like MARDEK and some of Pseudo's other games is that the characters all have their own faces and changing facial expressions. This adds emotional depth to the story, for a relatively low investment of effort.
Music is one of the hardest variables to get right, though. I like a good game that has different music for peaceful areas versus dungeon areas, as well as character themes, battle themes and plot-specific music. MARDEK did this well, but it could have done more for battle music, and didn't need to do so much for plot/mood music (I think "Something's Amiss" was played only once.) The most lovable music balance in an RPG was probably Crono Trigger. Some small things had their own, very good music, but such pieces were small enough to fit what they were for. Even small pieces were looped, but they didn't get annoying after you heard them a hundred times (Manoria Cathedral, anyone? Ten seconds long, if I'm not mistaken.)
I... I feel like I've said so little but wrote so much? I don't know, did I say everything I wanted to say? Well, if I want to say more, I guess I might post again? I'm terribly sorry for all the length though, I think this must be hard to choke down! Sorry!(v_v)