Must have games? There haven't really been many this generation.
Valkyria Chronicles - One of a kind strategy/FPS game with rpg elements. Strong plot, gorgeous graphics, very strong characters, great dialogue and voice acting and is just very fun. Not only that but it's price has been significantly reduced. This is one of those genre breaking games you really won't see again, it's a bonus that it's a very good one. All PS3 owners need to at least give this game a go, then read the manga (skip the anime), then buy the sequel when it comes out soon on the PSP.
Dragon Age - Spritual successor to Baldur's Gate. Bioware proving that isometric top down rpgs can still be huge hits. Story is brilliant, the tactical gameplay makes you yearn for years gone by, the dialogue is sharp, the characters are funny, mages are overpowered and thus it's hard to play as a warrior, the difficulty is hella inconsistent but normal is generally too hard and easy too easy. Overall, modern day classic.
Mass Effect 2 - It's a bioware game, nuff said. Fairly rpg lite though, while Dragon Age reminds people of Baldur's Gate, Mass Effect is as rpg as Jade Empire. Still lots of fun though. One thing to note, this game contains tiny text so those of you who don't have a HD TV will have to play the game sitting a foot infront of it (like me
)
Upcoming must have games:
Alpha Protocol, genre breaking rpg from legendary developers Obsidian (Black Isle). Not only does it take rpgs away from the standard fantasy/sci - fi settings, it has a dialogue system similar to mass effect but ou have limited time to make your responses. This means you have to listen to your instinct a little, It also means you can't use the dialogue screen as an in-game pause and get up to make a sandwich. Also spies are just totally cool.
Tales of Vesperia will be a must have game on the PS3 if its ever released. The 360 version was by far the best jrpg of this generation and the PS3 has had so much more content added to it it's almost a different game.
And that's about it. I've found it a fairly 'meh' generation so far. One thing has become clear, jrpgs are dying slowly and painfully and western rpgs (with Bioware getting into the swing of things, Obsidian looking like it's finding it's old groove, Blizzard rejoinig the party with Diablo 3 and Bethesda dominating sandbox rpgs) looking unstoppable.