This was officially announced earlier this month, but today, the official site is updated with a trailer and plenty of info. Unfortunately, the site is all in Japanese… Here’s a Google Translate link to the official blog. Does this suggest a Japan only release? I hope not.
This is a PS3 exclusive JRPG with a heavy emphasis on item crafting and is scheduled for release on June 25th.
(thanks to fleakitten for the tip)