The problem with JRPG development on the PS3
And to a lesser extent, the Xbox 360.
JRPGs have always been sort of a "super-mix" genre, it grabs and takes from a multitude of other genres to create a mishmash of a game. I don't think it'll be the first time when I play a JRPG and say "Okay, I have no clue what kind of game this is."
Why is this? JRPGs try to do alot of things at the same time, trying to reach a broad public. A JRPG has to be accessible, streamlined, complex, lengthy, aesthetically pleasing, needs to have live performed music tracks and good voice actors, action packed, rife with high-budget pixar comparable FMVs, unlinear, needs to have a strong storyline and last but not least, it has to be fun. Saying a game is a sum of it's part is definitely not a joke when speaking about JRPGs. Many a company has tried and failed trying to reach the absurdly high standards that JRPG fans have. Even when the entire list of must-have features for an JRPG are filled, the next best fan might still think it's "not his thing".

Persona 3's main character looks funny doesn't he? I don't like his face.
Now, before I get a word of bashing from all the JRPG fans in the world, I don't think you're the problem. In fact, if you were such a big problem, PS2 RPG development would've never reached the level it's reached now.
No, the problem is more that the jump from last to current generation console hardware was much harsher for JRPGs than it was for other genres. Imagine a GTA4 if you will, rife with little minigames, dialogue systems, combat options, WTFPWN specials or summons, different staging areas, etc. All of this, on a graphical engine that should look AT LEAST as good as MGS4... on a 7 core CPU machine running 512meg RAM.
JRPG projects are massive. And I really mean massive.
So what's the problem? Simple, the more features, the more coding time. The more coding time, the higher the costs. The higher the costs, the more cuts in features. A circle that turns an interesting project into something everyone has already seen before.
This is normal development proceeding, it's even worse for the PS3.

How something so small can lead to maddening decisions
In other words, development for the PS3 is so complex that developers don't even know how much coding time any given feature would take. There's not even a standard yet, turning an interesting project into codename longhorn (Inevitable complete redesigns for any given project).
"Insert MASSIVE EXPLOSIONS", perhaps after rewriting the code 5 times we 'could use it' on a playable framerate"

You can only hide things from the financial departement for so long.
The amount of features that a JRPG needs to get right is just too large to plan any such kind of failure in the development cycle. Resulting in flat games that are basic run-of-the-mill titles with no depth or even fun. There's a too wide margin of error on a platform that is so difficult to code for. Companies do not like to make risks. And this is exactly why the Xbox360 is recieving more JRPG titles. The Xbox360 has a much more acceptable margin of error to allow normal development, a sad state of affairs that should push Sony to finally release some acceptable tools to the developers so work can continue as we were used to on the PS2.
Not to say that the Xbox360 is a bad platform, not at all. But projects as big as these really need to be multi-platform, or interest from JRPG developing studios will dwindle into nothingness. If there's no profit, why should they bother making them?
So what does this come down to?
Sony, if you're reading this, get your act together and go help those devs. And to all gamers, it's understandable you prefer Sony for giving you many years of joy with the PS2. But as things are running now, this happy period for Sony is coming to an end, unless every single one of you stand up to them and finally bombard them with spam mail :).
Please leave some criticism or comments before you go.
Cheers and thanks for reading