The more I read about these two games the more excited I am for them. It has been some time since I've really been into RPG's. I used to love them during the SNES era, and with Mario RPG, Chrono Trigger, Earthbound and FF4 things were good. I went through a little bit of a return to RPG's with FF9 which I followed up by playing 7 and 8, but FF4 stayed my favourite FF. I'm actually playing through FF10 right now, but I have a lot of the same problems with it that Ian has indicated.
I think that part my problem with RPG's is that the main character seems to always wonder whether or not they should do the right thing, but their never seems to be any question about what the right thing is. I would like to see a story where the main character isn't debating whether or not they should be the hero, but facing choices that are morally ambiguous and not being sure about what the "right" course of action is. There was a little bit of that idea in FF4, and I think that is why I find it to be the most compelling FF.
The video for xenoblade looks pretty neat, and I'm interested to see what this previous creator of FF can come up with for The Last Story. With a name like "The Last Story" they are clearly setting the game up as a competitor for final fantasy, and I think that competition breeds the best innovations and most exciting games. I look forward to getting sucked back into the RPG genre again, I hope that these games turn out to be good and I'm not excited for nothing.