Tales of Graces is a step back for its series. They haven't made a truly enjoyable game since Symphonia. That said, it is still vanilla excitement with a decent battle system. It is worthy of a 6.5/7 out of 10.
Ni No Kuni is a mixture of new and old ideas wrapped into something that ALMOST gets there. It has flaws. Several flaws, actually. But it is definitely a step in the right direction in terms of RPG development. It is the better game. It deserves an 8/10.
Seems like many modern RPGs are going the single player route like Skyrim, Dark Souls, etc. If you're looking for party-based RPG's it looks like you've got the Atelier stuff, the Tales stuff, or the godawful FFXIII style stuff to look forward to. I could handle a good Tales game, the others....make me fear for the genre. Ni No Kuni by itself gave me hope for the future.