Oblivion is great. I've been playing the hell outta Blue Dragon, though. If you've got a japanese 360 like I do, the Asian import has 100% English text, with all the spoken parts subtitled. Don't bother with the demo, from what everyone says, it sucks (and sounds like because they place it in a part that's not fun without understanding what came before it). Anywayz, well worth the price of import. If you're stuck with just a US console, it comes out here next month. I'd definately recommend reserving a copy.
Another one that you should look out for is Trusty Bell (or Eternal Sonata for US/EU). The demo was amazing, IMO. I was going to import that as well, but the only import seems to be japanese text, and with the US release date slated for August, I figure I'll just wait patiently for it.