Microsoft's official site is still listing this game for a 2007 release, but no one seems to know anything about it and it's the middle of December.
http://www.xbox.com/ja-JP/games/calendar.aspx
The only info I've managed to find are some circa 2005 announcements:
http://watch.impress.co.jp/game%2Fdocs/ ... /magna.htm
http://www.dengekionline.com/data/news/ ... 354ea.html
Softmax's site doesn't seem to have anything either:
http://www.softmax.co.kr/
I hope this doesn't disappear like Homura 2 did. Those pesky Koreans!