Elder Scrolls V has just been announced if my sources are right.
Purely from a design perspective, I think that Far Cry/2 is the best console game, sure it has its flaws, but the gameplay is just so good even by todays standards.
Crysis has a kind of sandbox experience where they place you in a place and you can do anything you want, if you get bored, complete the objectives, don't like Multiplayer though...Too many people throw grenades randomly...