No, I won't count strategy games as RPGs. They aren't. (and "SRPGs" are strategy games, not RPGs.)
Strategy games are my favorite genre, so if I included them this list would look quite different, but they aren't, no matter if they include some RPG elements.
Also I'm not counting Zelda games.
1. Planescape: Torment (PC) - The best RPG ever, hands down.
2. Baldur's Gate II: Shadows of Amn / Throne of Bhaal (PC) - The second best, and still unmatched by anything Bioware has done since.
3. Baldur's Gate / Tales of the Sword Coast(PC) - Almost as great as the first game, and still one of the all-time greats. The Infinity Engine that powers these games is my favorite RPG engine ever. The BG games require a lot of strategic thinking, which is exactly how I like it...
4. Skies of Arcadia / Skies of Arcadia Legends (DC/GC) - for some reason I've always loved this game... it just has so much charm, and is a lot of fun to play too. It's got a great sense of adventure and a light tone that is a welcome change from all those other dark RPGs out there. Good graphical style too.
5. Quest for Glory I : So You Want To Be A Hero / Quest for Glory IV: Shadows of Darkness (tie) (PC) - maybe it seems cheap, but I really can't decide between these two... they're both just such exceptional games! QFG is one of the best series ever. They're brilliant action-adventure-RPGs, with lots of influence from all three of those genres to form a unique mix you'll only find in QFG. They have great, funny writing, good plots, continuity between titles, simple but fun combat, multiple paths, and more.
6. Guild Wars (and followup campaigns, addon, etc) - my third most played game ever after Starcraft and Warcraft III. Amazing, beautiful, incredibly fun, deep, complex... just an outstanding game, and the other campaigns are just as great. I can go back and play it now and love it as much as ever.
7. Neverwinter Nights 2 / Mask of the Betrayer / Storm of Zehir (PC) -- though going just on story MotB might place in second... this is an amazing game, I could easily rank it as high as fourth with no problem. Ordering the titles below the top three is quite difficult. Anyway, it's a good game, I just don't like the engine quite as much as the Infinity Engine. Too much automation here you have to diable, the camera can be pretty annoying, the first game's plot is mediocre, etc...
9. Wizards & Warriors (PC) - hidden gem - I've done some long posts on how much I love this game before so I won't again right now, but it's just an amazing, amazing game, and far too few people played it... W&W is a traditional dungeon-crawling PC RPG in the Wizardry style, but somewhat newer and updated. It's buggy and incomplete, but what's there is just amazing stuff. The dungeons are some of the best ever, and the music outstanding. The dungeons are the real star of this game, and they stand out.
8. Riviera: The Promised Land (WSC/GBA/PSP) - Fantastic, innovative game that is both traditional and very different at the same time. It is a great game, and my favorite handheld RPG too. Oh, I've only played it for GBA.
10. Lunar 2: Eternal Blue (SCD/PSX/SAT) Maybe that should be Fallout instead of Lunar 2, I'm not sure... it's close. So many great games to consider... which is why I won't try to list honorable mentions. There'd be too many to consider, and I'd want to list everything I considered.
Anyway, Lunar 2 is a fantastic game, and is definitely my favorite 16-bit console RPG. (I've never played the 32-bit remake; I do have Lunar 1 for PSX, but not Lunar 2.)
I'm not 100% happy with this list, but oh well, it's good enough. These are all games I like a lot, certainly.