Interesting setting/World/Lore - This is usually the first thing that gets my attention with a game. Often times art direction helps in this regard.
Interesting characters/story - I don't necessarily have to love everybody but I appreciate if they actually interest me. If it's more story driven, then I simply ask that it be entertaining and consistent.
Good gameplay - Not simply restricted to combat, I also lump exploration, sidequests, and other typical RPG shenanigans into this category. I usually hope it offers more than just combat.
Good music - Helps breathe life into the game.
Cohesive Design - I've learned that the one aspect all my favorite games share is a tendency to have a cohesive design where all the parts work together as opposed to the game being mostly focused on one element. I love when gameplay mechanics all build into each other and when story and gameplay are fused and not treated as separate entities.