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If we start from the SNES era, there wasn't much that RPG's lacked. The storylines were good, in general, and everything else, graphics included, just came as standard.
To date, RPG's haven't changed much. The only improvements made have been in the graphics and sound department. The special effects in Final Fantasy X are better than the CG in most of the top films of the SNES era!
I suppose you can only do the same storyline once, unless your doing a Mario game. So, unless ideas keep cropping up, developers like Square will run out of ideas. What I mean is, some of the older SNES games were pure magic... Secret of Mana was good, and a couple of the final fantasy's, but you can only really do those storylines once... then they're done.
I actually prefer the older storylines... you had like Zero to hero guys and girls who saved the day. Now we have Blitzball players who are good anyway, who need a girl to help them!
In general, i'd say "Yes!" The RPG's of today are better. The graphics and Sound are ten times better, the special effects are surreal, and, as proven by Sega, the storylines in the more recent games like Skies of Arcadia are just as good, if not better than the majority of the SNES-era classics.
It's all down to preferance. But if you look at it from a professional standpoint, the advancements in graphics and Sound have allowed developers to create much more detailed atmospheres... which are a key aspect of the storyline... probably the most important factor of an RPG.
It's a good question, and one i'm sure people will reply to thoroughly in time.
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