In my opinion, as much as one can complain about the cliché, formulaic nature of JRPGs, the same could be said of WRPGs. It's just where they are cliché and formulaic is different. JRPGs often have very shallow plots, while many WRPGs have much deeper plots. JRPGs often envision different, truly fantastic worlds that are often alien to our experience, while many WRPGs just recreate the same Tolkienesque medieval European world(also, the system mechanics of many WRPGs is just DnD). These two examples are just sample comparisons one could make between the two forms; many more exist.
Which one any specific person prefers may come down to which set of clichés and formulae one can stand seeing repeated ad-nauseum. To be honest, I would love to see a cross-pollination of the two forms: take the fantastic worlds of JRPGs and marry it with the depth of WRPGs(but please throw away the DnD aspects. It's nothing against DnD; it's just that it's overused.)
I also have a slight issue with the idea that many of the older games were necessarily better. The older games are where all these problems of cliché and formula originated(I'm speaking of both JRPGs and WRPGs). Also, with the older games, that was a time period in which we were younger, so there is a tendency to look upon such times with a greater level of fondness. Of course, things seem better when you we younger because you knew less, so everything seemed fresh and new. Everything commanded a certain awe and mystery because we knew so little about anything, and our minds were more open and accepting of new possibilities. Now that we are older and different(we know more, think different, have different tastes, view the world with a different perspective, and have different expectations) one can not expect to attain the same level of awe with nostalgic games as we once had playing them when we were younger(often, we ruin our experience by being to overly analytical of older games, focusing too much on the inconsistencies with reality rather than enjoy the fantasy). There comes a point when it is time to move on, to find new experience and new possibilities, rather than waste time and energy retreading the same old things. In order to continue to grow, develop, and evolve, we have to be willing to look forward into the future, rather than spending all our time staring back into the "glory days" of our past(my pet name for this is "glory dazing"). Otherwise, we fall prey to stagnation. (I always find it funny how people complain about wanting something new, but, as soon as you give it to them, they complain that it's not like the same old crap to which they are more accustomed. People want to be entertained or freed of tedious boredom by novelty, but, at the same time, they don't want the certainties that they have built up in their world-view to be over-turned. Unfortunately, these are sometimes diametrically opposite constraints and, thus, irreconcilable; such cases can create significant conflict, both internal and external.)