Blasphemy. Shadow Hearts: Covenant was best PS2 RPG.
PS2 was a RPG beast. Covenant was probably one of the most enjoyable ones, with fairly funny characters and development. Wrestler comes to mind.
Though I'd have a hard time finding a favorite RPG from the PS2 era. Aside from the Final Fantasy and Persona series, the (dot)Hack series was decent, Rogue Galaxy, Chrono Cross, Dragon Quest 8, Suikoden series, Valkyrie Profile, Xenosaga series, Tales of the Abyss, etc. Star Ocean 3 was really good too.
Then the EQ stuff, Champions of Norrath which I really enjoyed and Everquest Online. Still remember being at college in the US and the UPS guy knocked on the door and delivered my beta CDs for that. Was fun.
Don't think I will ever own a console that will get as much use as my Matrix chipped PS2 did.
As to this game, will probably be a day one buy like any RPG. Not exactly that many RPGs these days, so buy the ones that are released.