The latest batch of Phantasy Star Online 2 screenshots are all about the story. The Japanese site 4Gamer has details on the story from chapter 1 through chapter 4. If you know Japanese or know how to use Google translate, you might want to check that out.
Hit the jump to see the latest story screenshots.
This game must get an english translation.
Probably wont, they could use the technology for the online servers from the Dreamcast, where the text was automatically translated to the other players at the other side of the globe.