I don't think Microsoft/Mistwalker have confirmed the release date of Lost Odyssey. They will most likely wait until *after* the release of Blue Dragon to make a firm announcement, so as to not detract from that game.

As for personal importance, it's not that high for me. I'll definitely get it as soon as it comes out, but Mass Effect is the top RPG of the year. Phantom Hourglass is less important to me (because I'm already playing it :P), there's a Blue Dragon demo out that's sating my cool desire for that game, and I haven't even finished FF12 yet so I'm not exactly salivating over Revenant Wings (though I've played that too :P).

I'll definitely be getting all of those games--particularly Revenant Wings due to that weird orange writing under my name--but honestly they all pale before Mass Effect on the 360 to me.

Right now, Persona 3 is at the top of my 'RPG GET' list, because it's awesome and comes out soon.