Jade Empire wasn't that good. The biggest problem was that it was way too short. There are several others like lack of weapons, side quests, magic powers, long load times, lack of variety of enemies, lack of customization, everything was too simple, also I felt like the game was geared too much toward the masses...
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Yes, Jade Empire is too short. Yes, there is a lack of all the things you've listed. And most certainly, Bioware did target this game for a more broad, mass market appeal. However, its execution was near flawless. It's easily the most polished, and bug-free rpg in recent memory. Most importanly, JE is a fun, fun game to play with an original and unique setting. It's got great characters, fantastic artwork, a more than serviceable plotline, and outstanding roleplaying elements.
So I disagree, JE is an exellent game.
That said, I would vote for K2 as rpg of the year, warts et al.