Wasteland with modern graphics would be Fallout, seeing as how Fallout would have been Wasteland 2 if Interplay had retained the rights to the name. Although I can understand wanting an RPG with a top down perspective, RPGs with first person perspective existed long before the shooter was invented.
As for the Stardock RPG, if you ever get around to it, my thoughts: Look at Bioware, go in the other direction.
Can't quite agree there. FPS came out a little bit before a FPRPG came out. The early 70's I believe. Yep, they had games back then!
Also, Frogboy has stated many times in the past, they will always support their games so long as they exist as a company. If a game does terribly, they most likely will not continue to make expansions for it, but a patch here and there isn't out of the question. However, this worry is somewhat moot in my opinion, as Frogby has said that Elemental's sales have picked up in recent months. I believe the series has a bright future, and I am looking forward to seeing where they take the world they've created.
As for the Stardock RPG.. I'd like a real in-depth RPG set in the world of Elemental. Maybe something around the time of the Titans coming and wrecking everything. That'd be the best place for them to start in my opinion.