I don't personally think the problems in the genre lie in the gameplay mechanics so much. I think the problems are far more on the story side of things. The big games in the genre almost all have one or both of two major things: They've got a story which feels influenced by the player (not necessarily is, but they have to feel convinced that they're making a difference), or they've got huge expansive worlds to explore. I honestly think the time for super linear stories in the FF vein has passed, and to succeed RPGs these days really need to be much more about branching paths and different choices. That's one of the reasons New Vegas is so well-regarded despite the gameplay being nothing special and the game being buggy as hell.
I think for the genre to revive we'll need to see a flip in the attitudes among developers towards how the game should play. Rather than a single 40-hour-long adventure, a 10-hour-long game which actually diverges and can have radically different outcomes would, I suspect, be far more popular. That's not to say there's no room for the more traditional type of RPG of course, and plenty of people are still very interested in games like Bravely Default or the wide array of old-school indie RPGs on the PC.