I didn't like Valkyrie Profile that much. Way too long of cutscenes that were just kind of boring, a retarded time limit, and a very repetitive level design bogged it down. Definitely one of the worst rpgs I played for the PSX, except for Chrono Cross, Beyond the Beyond, and that Legaia game.
Right now, I'm playing Metal Gear Solid 2: Substance. When I'm finished, I plan on buying Xenosaga, the new Zelda, and possibly the new Breath of Fire.
I'd say the best rpgs of all time... Planescape: Torment, Baldur's Gate 2, and Vagrant Story. All those games enthralled me to the point that I almost totally forgot about real life. Also, the Persona series is almost sickeningly awesome... and Phantasy Star IV whipped all ass left and right. Oh yeah, the King's Field series is also monumentally amazing, very slow paced exploratory action rpgs from a first person point of view. If you can find King's Field 2 for the PSX, get it immediately. King's Field 4 for the PS2 isn't quite as good, but it's still worthy of purchase by any stretch of the term.