*bursts through the wall*
Did someone mention PS2 RPGs????
I'm not going to get defensive about BOF 5---I personally hated it (I like my BoF more traditional), but if you want something different, I can confirm it is definitely that! Unlike Gideon, I did replay it a number of times (even getting the mythical "Dragon 1/4" for my ratio), and he's totally right, you do NOT need to power level at all (and really, even if you did, it's super inefficient to outside of one of the final battles). If you setup your characters appropriately and don't squander resources, you can make it through fine. The first run will be a bit rough, but if you do a new game + (which at higher ratios unlock extra areas and cutscenes) it gets much, MUCH easier. If you'd like to totally blow the doors off your new game +, I can definitely suggest how to most efficiently farm experience, if you're interested. And before anyone blasts me for playing through a game multiple times that I disliked--I love BoF, and I assumed I'd get some sort of better ending with a low D ratio....but I did not. Disappointing, but not as disappointing as Grandia 3 (I would seriously advise not playing G3 in the strongest possible terms).
I see a lot of my favorites are already mentioned here (DQ8, Grandia 2, Valkyrie Profile, SO3, and thank god someone mentioned the Phantasy Star 2 remake, because I am jacked about that). I do have a few suggestions I don't think have been mentioned yet.
--The Bard's Tale--> While it has the traditional fantasy setting and is a bit hack and slash, everyone should play this game just for the dialogue, as the game basically plays as a parody of every RPG ever, with a great ending to boot. You will thank me later.
--Kings Field: Ancient City--> Again, kind of traditional medieval setting, but the mood and setting are amazing. Basically, King's field games were the real precursurs to Dark Souls, only they're first person, and this is by far the best one. You will find a lot of challenge and a really great pseudo-horror feel in this game for sure.
--Suikoden 5--> This has much more of an oriental feel to it, but there is plenty of fantasy stuff here too. If you've played a past Suikoden, you know what to expect--108 Stars of Destiny, previous game cameos, story hemming somewhat close to "The Bandits of the Marsh" (the Chinese story, not the game), but generally kick ass everything. Battles are turn-based, but pretty strategic, and while it's not my favorite Suikoden, it's still damn great. And it's got Georg f---ing Prime. 'nuff said.
--Romancing SaGa: Minstrels Song--> This is a remake of the SNES version of RS1, and it improves everything in most every way. Some of the mechanics are frustrating (Event/Battle Ranks especially), but it is difficult in a good way, and completely satisfying when you succeed.
--Radiata Stories--> This game may not be "OMG GREAT" good, but I like it. The story is kind of all right, and it has a Star Ocean-lite battle system, but I liked the pseudo-humorous atmosphere, and a lot of the open-worldish stuff you could do. There are also a ton of playable characters (not 108, but still), and the requisite Tri-Ace postgame guantlet. If you want some simple RPG fun, I always like this one.
FYI, before I get raked over the coals--this is all MY OPINION.