Action RPGs are generally a different breed to the traditional RPGs, like Final Fantasy or Dungeons&Dragons games.
My favourite action rpgs are Zelda, Sudeki (yeah not many ppl like that for some odd reason) and Fable.
If you ask me though Sudeki was about the only real action rpg there is on the market right now, the rest are just action adventure games where you do very little in relation to actual leveling your character through stat-based elements.
This is why I loved Sudeki so much, because you had a real rpg element to it; but the entire game had alot of action and platforming aspects to it too. A blend of everything, really. Although unfortunately the story was a bit weak, especially as the ending seems to very quickly wrap up near the end with only a short (15-20hr) game aspect.
Hopefully though this will take alot from that title in terms of what they did right rather than wrong, and not be an overly simplified or even overly complex rpg game like most are.
At some point I'd love to work on an Action RPG, but I have my own in mind for when I finally have time to dedicate to such a project.