Some developers are going for less epic, less content, less everything except more and faster action. Or as I said, they are changing their games from RPG into action games with story. Action adventures, however you want to call it. But I wouldn't call them proper RPGs anymore.
Hopefully with the amount of RPG's coming out there will be room for more "real" RPG's too as the audience gets larger. I think developers are trying to make RPG's for FPS/action game fans tho, rather than RPG's for RPG fans. I mean people who play WoW aren't necessarily RPG fans, they just like progressing a character and killing stuff while taking part in some kind of story, and get hooked to the constant rewards (drops, levels etc). The staples of RPG games aren't really there tho. The latest single player RPG's are going for this audience - cherry picking the RPG bits that work for that audience and dropping the real core RPG stuff.
There's very little player choice involved nowadays. Either with the story or dialogue options (Mass Effect is a joke with this..you basically get a "goodie", "evil dude" or "abstain from an opinion, just let me exit dialogue asap so I can shoot stuff", then get some meaningless points, and you don't even need to think about your choices - its top, middle or bottom and its pretty much the same result every time. Theres no real choice with your character, especially in Mass Effect 2 - you just make some bits stronger but have access to everything possible. Gear just upgrades with no choices to make at all as you have virtually limitless supplies of the materials to upgrade with and no limits. No side grades, no unique items, hardly any armour at all. The only decent RPG elements in these games is theres tons of lore you can access ingame and the story is a main focus of the game.
The games treat you like you need someone telling you what to do all the time, or even what your character is thinking when you're supposed to have made a unique character yourself with his own decisions to make (Oblivion is so bad with this, popups telling me what my character is thinking, what to do next, how to do it, pointing me towards the baddies..its not a real RPG game to me). Skyrim will be more of the same rubbish imo. They break immersion at every opportunity, be it a main story that basically renders all side quests obsolete (kill some rats in a cellar for someone, or stop an invasion from hell? Morrowind simply gave you a general goal but didn't force it on you like its an FPS game mission to race through). Immersion and player choice takes a backseat to dumbed down action and constant rewards without challenge in these modern "RPG
light" action games.
Bethesda don't make RPG's anymore imo, not since Morrowind. They are action adventure games with tacked on character development. Theres nothing wrong with these games on their own merits, I just don't like how they attempt to sell them to RPG fans as RPGs, while they know their core audience is console gamers who just want to be pointed towards the next bad guys while being told a half baked story about goodies, baddies and how you have to save the world.
I had given up on new "real" RPG's until I played Dragon Age:Origins, but it seems we're going backwards again. Again I should point out I know that all these games can be enjoyable in their own rights, and you don't have to be a "console kid" to have fun with them and I don't mean to be rude about that. I am just looking for something more when it comes to games billed as RPG's, especially from companies that are supposed to be the leaders in the field. I can enjoy them as action adventures tho ofc, theres just a huge lack of quality real RPG's around nowadays because they are targetting mostly console audiences.