Glad to see Flight-Plan is sticking with the PS2 -- not that I had much doubt they would. They were one of the last companies to keep releasing worthwhile PS games years after the PS2 had come out (think Black/Matrix 00).
So this will be a new SRPG, published again by Banpresto, with character designs by Tomatika, who also worked on Dragon Shadow Spell.
Too bad the "scans" suck, but we should be getting some previews soon.
Sources: http://ruliweb.empas.com/ & http://postback.geedorah.com/