No, it's not. It's not an RPG in that sense. It has bare minimum story. It's an open sandbox game with D&D style elements. It is in no way the type of RPG we are referring to here which is why I called it out because I knew people would be "but Skyrim is beautiful!" It is, but it also isn't an (eastern) RPG. The writing style for the game is completely different.
I'm not saying you couldn't make a game like Skyrim into a full fledged story driven RPG. I'm saying they don't want to spend the money/time to do it because the payback just isn't large enough in their eyes.
The game Exdeath is drooling on about is the right style, but the graphics are cartoony rather than realistic with 1000's of shaders/pixels/polys which is really not the same. That same game could have been released on the Wii (which is my point). It wasn't a graphically pushing game.
It's a trade off of what they want to spend their money on. Storyline and huge worlds or graphics. Some day maybe we can have both.
If you are bored, read this article. It talks about some key points about the state of gaming and RPGs.
http://www.destructoid.com/xenoblade-chronicles-226518.phtml