Ran across this on
Siliconera recently, and my interest is
very piqued. Moss/Seibu Kaihatsu is handling development, with character designs by Suzuhito Yasuda (he previously worked on Shin Megami Tensei: Devil Survivor), and Basiscape handling the soundtrack. No confirmation of whether it'll be region free, but if not, I hope someone like Rising Star Games picks it up.