I don't think you really need to make a game like Skyrim to have RPG success in the West. However, I think making a game highly inspired by J-Pop and the parts of anime that get the most criticism in the West is probably the wrong direction.
It's definitely still risky, but I feel there are ways to do it in a less risky manner than others.
Whether they find that worthwhile is something we won't find out until they announce a Final Fantasy for next-gen (or go a very long time without saying anything).
That's true, Mass Effect does reasonably well, and is much closer to something like Final Fantasy, but I think the console audience has just moved away from Final Fantasy in general. XIII-3 isn't going to do shit, XIV on PS3 is going to bomb, if they don't release Versus, they're going to have no idea what the brand means in the West in preparation for next-gen. They could take a punt, but they could also play it safe and target Japan and the handheld market.
The thing I really don't understand is where the Luminous engine fits in, they've already said they want to move away from large scale internal development. They've had huge issues with the White Engine/Crystal Tools, did they make this pretty demo just to appear relevant, or are they actually going to build a Final Fantasy for PS480 on it? It'd be a huge risk, no matter how closely they want to ape the West.
Another alternative would be to give it to the West to make themselves. They've tried to make games in the States, I would say Parasite Eve is one of their best, I'm surprised they haven't made a Final Fantasy in America so far. Now with Eidos in place, it might be an interesting root.
To be honest, there appears to be so much mixed messaging about the future of SE Japan, practically any direction they choose to take wouldn't be surprising.
(As a side question about GAF, I see in your post you edited that post, and I can see the time, as I always could, but that doesn't come up when I edit my posts anymore, is that just because we can no longer see edit notifications of our own edits?)
EDIT: 9 was made in Hawaii, which is, but I mean mainland.