I played an indie PC game called Save the Date recently, and it does some very interesting things with the concept of New Game +. In fact, the game itself directly references Chrono Trigger. It's a short play; I recommend looking into it.
I hate NG+ where you become overpowered and there's no other discernible change to the game. So RE5's is probably the worst case scenario for me. Games like DMC, however, make it so the NG+ modes are more fun than the standard play though. But I'd still have to vote for Nier. You haven't played that game unless you've at least cleared it twice.
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Agreed, lets you pick and choose what New Game+ you want. Wish more games used this model.
The only ones I've done NG+ on were and its sequel but I liked that you could choose to make the game easier or harder based on which options you picked up. The only thing I wished it did differently was letting you keep your items if you wanted to. From my understanding though Vesperia has that option, even if you do lose plot related items.
I think Persona 3 and 4 (golden) have a pretty good NG+ system as well. 3 has been really grindy so far, it's honestly the only single player game I've played where just killing monsters for hours has been mandatory. In NG+ you get to keep all of your persona data and can resummon them near the beginning so while you'll still have to grind a bit to level up your party it's not grind mindlessly for hours to keep enemies from OHKOing you once you move on to the next floor of Tartarus. I'm not sure what the item situation is like but P4G did good with that, you unlock weapons and armor in the store by selling the blacksmith materials, in NG+ all of his data plus your money carries over, plus your persona data. It lets you start off with powerful weapons/armor, just not the endgame stuff. That's where I feel P3:FES dropped the ball, you get the best weapons via fusing certain personas with a weapon and you can summon those immediately which lets you get them just a few months into the game.
Every time I try to go where I really wanna be it's already where I am, 'cuz I'm already there XBL, PSN, Steam, Origin, BSN, GFAQs, MC: PhilOnDez