I think a large part of the problem with action/adventure/ RPGs is that they are not. It's pretty trendy for game companies to throw in some sort of leveling up mechanic (be it for the character, their weapons, whatever) in their title and say that they have RPG elements in their game. This misses the whole point of RPGs. It's true that experience point systems and equipment stats have always been a part of RPGs but that can be blamed on pen-and-paper gaming systems (Dungeon and Dragons, etc.), which is where electronic RPGs draw their roots from, but what makes a RPG a RPG is giving the player the chance to PLAY the ROLE of the character. In this regard Morrowind is a fantastic example of and evolution of the genre. It was only a matter of time before the RPG moved from turn-based to real-time combat as soon as technology made it possible. Real-time combat is a more accurate reflection of what combat is; a chaotic and lethal situation where courses of action need to be determined in split-seconds and the "wrong" choice leads to unfortunate consequences. Of course, these are only games after all and realism should have little to no bearing on how we consume the titles that we do. I have a great place in my heart for turn-based RPGs (The Bard's Tale was my first experience with such) but I enjoy what is now called action-RPGs just as much.
To give everyone an idea of how the industry views action/adventure/RPGs take a look at Iron Lore Entertainment's website. I recently applied for a job there and with your resume they wanted a page analysis of Dungeon Siege or Diablo 2. You would be hard pressed to call either one of these RPGs IMO. Sure they are both fantasy based, have equipment management, magic, and a structured story that leads the player through the major narrative arc but where is the roleplaying. Dungeon Siege is a massive upgrade treadmill with the player's only concern being how to get the best equipment so that the creatures can be dealt with in the fastest manner possible. I didn't care what happened to the characters as long as they didn't die because it was such a pain to raise dead and then re-equip the character.
If the game industry should learn anything from the film industry it should be how to emotionally invest the player into the character they are interacting with. Then it wouldn't matter what kind of game it was, be it action, adventure, RPG or any combo there of.
And remember, you vote with your dollars.