1. Jade Empire: My favorite video game ever, and by a wide margin. I love everything about Jade Empire. I love the characters, I love the story, I love the world, I love the game play, and I especially love the art design. While the graphics are last gen Jade Empire is still the prettiest game I have ever played. The only problem I have with the game is how short it is, I like 20-40 hour RPG's. Jade Empire barely cracks 10 hours. Please Bioware, give me a sequal.
2. Fire Emblem: Blazing Sword: I love turn based RPG's. I love games with lots of different characters. I love games with replay value. Fire Emblem gives me all of these, plus a very solid story and deep gameplay. A very underrated game in my opinion.
3. Mass Effect 2: I had higher expectations for this game than any other game ever. And it met and exceeded almost all of them. If it weren't for the planet scanning and forced morality system it'd challenge Fire Emblem for my #2 slot. Having my favorite video game character ever (Jack) also helps.
4. Final Fantasy X: One of only a small handful of JRPG's I enjoyed, and I don't know why. I love the story and I love some of the characters, Tidus and Yuna can die in a fire. And it includes, Blitzball. I would shell out $60 for a Blitzball game.
5. Morrowind: I have never felt that I had so much freedom in any game. Yes I hate the combat system and the graphics are ass, but I still can't get over how much choice I have. If I want to make a spell that lets me jump from one continent to another I can, what other game lets you do that? If you paired Morrowind with Oblivions combat and graphics you'd have a perfect game.
Honorable mention to Gladius and Summoner 2, both excellent RPG's that got almost no publicity and very limited fan fare. Both would make my most underrated games of all time list.