I remember opening a thread about htis in the general game discussion forum. Yeah SEGA is not involved.
I don't know where I have read it, but I read that this game was going to play a lot different from the panzer dragoon series.
Another thing I should note is that panzer dragoon orta on the xbox was not directed/produced by this guy who's making "project draco" now.
It was directed by Shun Arai, Takayuki Kawagoe and Akihiko Mukaiyama from smilebit. The same guys who did the jetset radio series.
If somebody knows more about it, I would love to know what exactly has happened with smilebit and it's staff. Also are there more people from SEGA than just the director now working for microsoft and it's kinect game? If he was responsible for the saturn dragoon games, a big loss if you ask me. Artstyle was beautiful.
Edit:
Here some info about Shun AraiHere some about Takayuki