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Easily top 5, though like others have said, so long as Xenoblade exists...
Dark Souls and Demons Souls are great, but I have a hard time calling them JRPG's, even though they technically are, they don't feel it as much. Valkyria Chronicles, is more of a strategy game then a traditional RPG..... despite that though all 3 of those are on the list as well just because i love them so hard.
PSN: FinalOcean Currently Playing: Demon's Souls, BlazBlue Continuum Shift (Noel)
No. It's a fun game, but it has failed pretty hard for me in the story/characters department, which is my main draw for RPGs. Gameplay takes awhile to pick up, but the boss battles can be fun. The main draw however is probably just the art/music/overall quality and commitment to building the world Level 5 put in.
I wouldn't even put it in my top 10 for RPGs this generation, maybe top 10 console JRPGs(definitely wouldn't make it if you count handhelds), but it'd probably be in the back of the list if it did make it.