I think most of the notable releases for 2011 are out by now, so what's your game of the year?
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For me, I spent a lot of the year playing catchup. I just got a 360 one year ago, so I was playing old games that I missed. Lots of good stuff like Star Ocean 4 and Last Remnant, and Halo stuffs.
But as for games that were new this year? I end up comparing everything new that comes out to Bastion. Bastion did things with storytelling that have just plain never been done before. Combine that with solid gameplay, nice graphics, and an amazing soundtrack. It's just a fantastic package of a game. Now it is short, certainly. But at $15 you're getting way more than you paid for.
Other games of note:
Skyrim: It's huge. And amazing. And... a bit tedious. Lots of dungeons that are all slightly different, but they're all completely linear. Bosses are just regular enemies with a different name and more hp. And Bethesda ruined the game with a patch, which apparently is par for the course for them (first of their games I've played). But all in all, it's certainly an impressive game.
King of Fighters XIII: Hell fucking yeah. I couldn't stop playing Skyrim until this came out; now Skyrim collects dust because this is so good. Granted, the single-player mode is slightly inferior to Blazblue's. But this is exactly what an old-school fighter should be. Complex enough so that it doesn't get stale, but not ridiculously execution-heavy. And the netcode is surprisingly decent as well (don't believe the antihype on other forums). I can play against people in Asia with minimal lag.
Dark Souls: It's gorgeous. And it kicks you in the balls repeatedly, forcing you to get better. But the half-assed incorporation of multiplayer elements ruined it. This would be much better if designed strictly as singleplayer.
Marvel vs Capcom 3: They got the little details right, like comic reference banter between characters. And MODOK. But they missed the big picture. It ended up being a game that was fun to watch but not to play. And yeah, THIS was a game with atrocious netcode.
Magic 2012: Doesn't get full credit because it's just piggybacking off of a well-established game. But yeah, it's very solid and fun.
Might and Magic Clash of Heroes: Okay, I'm cheating because it's a port of a DS game. But also very good. Albeit unforgiving to the colorblind.