The perfect RPG balances the menus, loot, crafting, story, and all that RPG stuff with real time, engaging combat. It doesn't have to be bloody or over the top, it just has to be solid combat.
For me, combat is what makes me want to explore the world, it makes looting, quests and exploration more fun, and RPGs can deliver in this area more than action games can if it's done right.
We've had killer turn based RPGs, we've had Skyrim with all its flaws that can be modified on the PC, we've had Dragon's Dogma. I want an rpg where you can design your own character and immerse them in a clever storyline or story-lines.
Also, no more dark B.S. Bring back the humor and clever whit of Bards Tale, or Armed and Dangerous. I'd design a character that would kick the Witcher's ass and be funny about it too.
All the other RPG stuff about consequences, influencing your party after you create one, etc, all that stuff is good too. If we could just get a game with all that meaty RPG stuff and combine it with amazing combat. Dogma was the closest thing to what I'm asking for, but that game has its flaws.