Some more details about Phantasy Star Nova have came out of Famitsu which might interest you. The game is mainly a single player game, with an optional ad-hoc local multiplayer mode. There is no online mode.
The game is being built using a Tri-Ace engine and overall it’s going to feel like a Tri-Ace game rather than a Sonic Team game. A big change compared to PSO is how the weapon system works. Equipment shows damage visibly, and monsters drop materials that you can use for crafting instead of weapons.
Also, famous RPG music composer Motoi Sakuraba is composing the music for the game. Oh, and the core development team is around 70 people, and total production is over 200 people (said to be higher than the number of people involved with Titanfall by neogaf). So it sounds like a really big project. Hopefully it comes west 🙂
*title updated at the request of George*Ad: