No one, and i mean No one can detrhone Square enix from being the rpg king anytime soon.
Just because they've been quiet for a while and haven't released a huge game doesn't mean some small companies will dethrone them. Sure Atlus and Lv 5 are excellent rpg developers but nothing they currently have can amount to the final fantasy + dragon quest house.
Fabulla Nova Crystallis(sp) is in the works and i guarantee you once it hits, it will be HUGE. The only FF game that was subpar is ff x-2 and you can tell SE didn't put any effort into it. FFXI is their first attempt at tackling the online market and they did fairly decent at it. Though ff XII is not on the scale of FF X it was still a very enjoyable final fantasy title.
Don't get me wrong i love persona and dark cloud but its hard to put those games on the same scale as a final fantasy title. I'm not a big fan of the dragon quest series but if im not mistaken it's as huge as the final fantasy series...
So to answer your question, No Level 5 cannot dethrone Square Enix as the rpg king... at least not anytime soon.
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