After looking at the feedback I've gotten, I feel like I was unclear in my original post.
Truthfully, when I buy a game, one of the major selling points for me is the story. That's why I was attracted to the older 'pen-and-paper' style RPGs, since they offered a lot more depth in terms of storytelling than compared to the newer action RPGs. The main reason I wanted to play Planescape Torment was because so many people claim that it's like the crown jewel of video game stories.
Now I've also played a lot of the games that people have recommended to me (Oblivion, the newer Fallout games, Mass Effect, Torchlight) and enjoyed them with varying degrees. Oblivion and Fallout 3 are both games that I enjoy (though they tend to feel little repetitive after a while, but that's just how I feel) and I have logged many hours into each. Mass Effect I would like to pick up and continue again, but the 10 GB install makes me think I should wait until I get a better computer.
Now it was interesting to see that people mentioned Torchlight, as I still have Torchlight installed on my computer, and I wanted to see if I could finish it. However, I played the game for an hour, and afterward, I just felt bored as hell.
Now if you like Torchlight, then that's fine. I acknowledge that it's well made game, and that a lot of people really enjoy it. However, in trying to play Torchlight again, I just found the story to be paper-thin and uninteresting, the gameplay repetitive (to be fair, I was playing on Easy, so I could beat most every enemy within seconds, which probably played a role in the repetition) and the constant equipment management finally made me quit in annoyance, as I got bogged down every ten minutes trying to decide which equipment to keep, and which to give to pet to sell in town.
However, when I think about, that's exactly what dissuades me about some RPGs. When I play a game, I actually want to play the game. I don't want to spend time fretting about how to distribute my skill points properly so I don't shoot myself in the foot later in the game, and I also don't want to spend twenty minutes comparing my party's armor and equipment to make sure that I don't accidentally sell the wrong equipment set and lose out on better items. I know that most all RPGs do this and that at varying levels for each. It's just that I'd rather play the game and follow the story through, rather than spending time leveling up and balancing my equipment. It's like MaridAurdran pointed out: If you've got other obligations like school or work, then you don't want something as demanding.
However, I'd still like to play games like Planescape Torment and Neverwinter Nights, as the stories interest me. The stat-building and equipment managing may dissuade me, but perhaps I'll just have to get over that. Maybe the best thing for me to do is to actually buy one the games and see if I like it.
Also, I apologize if I offended anyone, as it seemed like I implied that action RPGs were better than pen-and-paper RPGs. I fully acknowledge that pen-and-paper RPGs have more depth and much better stories, and again, that's really why I'd like to try playing some of them. It's just that I find action RPGs more accessible to the average person who wants to sit down and play a game.