New RPGs never seem to be able to replicate it. I thought maybe it was nostalgia more than anything, but I played Suikoden II way after the fact and it definitely had that feel. Games like Final Fantasy IV and VI, Suikoden series, Chrono Trigger, etc. The thing they had that really made them is they really sold the "flavor" of the story. It was in your head. I think that's something that ultra realistic graphics have a hard time doing, because it's all given to you, you don't create it yourself. When they released 3d re-rendered version of FFVI characters, it actually broke down the immersive world feel for me, because they violated the creation I had in my mind.
There's a reason that anime in this day and age is so popular, even though it's just drawn and often purposely not ultra realistic. It does enough to present the story, but still lets you fill in the details yourself. That's something that videogames still haven't learned well, for the most part. Some indie studios do it because they don't have the budget for "omggraphics", but for the most part, major studios still seem to be missing this.
What got me thinking about this is GWII does this a bit. Its still pretty realistic, but the artistic sense they put to it still does give you that immersion flavor a bit. Nothing like the games of old, but its the first game in quite some time I got that from. The characters become more than just how they look, you can imagine them in action, you get a feel for them in your mind. That's something that didn't happen in TERA for me. The game was visually beautiful, but the characters were just characters. I couldn't imagine them going about lives in a world. They were just polygons. WoW actually has it a bit, but one of the biggest things that made that for me was fan artwork. It aided in seeing the characters and world in a new creative way that brought it to life more than the actual game did.
I don't know if its just the art style of if its because the creators actually took this to mind building the game, but this really is one of the big draws for me.
I know this is kind of rambling, but it's not something I've really seen talked about. Do you get that "alive" feel from GWII that you don't get from other games? Do you get a sense of world "flavor" that makes people dress up as characters and go to conventions and the like? :P