I'm not sure if alot of people on this forum have love for games like Oblivion and Gothic, but Two Worlds (PC, 360) seems to look like a nice blend between the two. It's a Third Person sandbox game that originally boasted about being much less linear than Oblivion was in quests.
These type of games from german developers usually end up a little sloppy, Gothic 3 was near unplayable, but this one looks pretty good, although all the footage is of the PC build. Visually its fantastic, and they use motion capture to do most animations with the humanoid characters.
Here's a streaming video:http://www.gametrailers.com/umwatcher.php?id=47571