Level 5 have sent out the first images from their upcoming Nintendo 3DS RPG Crimson Shroud. The team for Crimson Shroud is headed up by longtime Square director Yasumi Matsuno, who famously was responsible for Final Fantasy Tactics and Vagrant Story. He also headed up Final Fantasy XII about three quarters into the project, but was forced to leave the project due to health issues.
Crimson Shroud is meant to be part of a compilation of games called Guild 01, where Goichi Suda (Suda51), Yoot Saito (of Seaman fame), and comedian Yoshiyuki Hirai, as each of these people will contribute one game to the compilation.
It's a strange proposition, and hopefully this doesn't mean that Crimson Shroud is short on content as it looks very promising.