We actually seem to be on an upswing with RPGs, especially on consoles. There was a lull after the initial wave of 360 RPGs hit, but this year we've had Final Fantasy XIII-2, Tales of Graces f, Xenoblade Chronicles, Penny Arcade 3 (on XBox Indies and Steam) and Atelier Meruru, and The Last Story (coming August 14) with Ni No Kuni, Tales of Xillia, Atelier Ayesha, South Park : The Stick of Truth, and (maybe) Dragon Quest X and Final Fantasy Versus XIII coming next year. As far as handhelds go, Unchained Blades came out last month and Kingdom Hearts 3D and Growlanser : Wayfarer of Time are due out July 31.
Upcoming handheld RPGs include Class of Heroes 2, Bravely Default/Final Fantasy : 4 Heroes of Light 2, Devil Summoner : Soul Hackers, Dragon Quest Monsters : Terry's Wonderland, Etrian Odyssey IV, maybe Final Fantasy Type-0 on Vita, Paper Mario : Sticker Star, and Persona 4 Golden. Not all of these have been announced for the US, but I expect most of them to make it. With regard to Persona 5, Atlus has said it's in development. I'm guessing they'll reveal it this fall, with a US release late next year.
With the games that are already out, I'd definitely recommend Tales of Graces f and Xenoblade Chronicles. I'm playing them both now and enjoying them a lot. That should keep you busy for the next 100+ hours or so