A couple of days ago, Tri-Ace and Sega announced Phantasy Star Nova, a game for the PlayStation Vita that's set for 2014. Apparently it will take place in the same world as Phantasy Star Online 2, and will feature four player co-op.
It's still a ways away, but in the meantime, an official site has opened, showing off a bit more gameplay. I think it's looking pretty solid, but don't take my word for it -- here, have some screenshots. Everyone loves screenshots, right? RIGHT?!
PSO [Phantasy Star Nova.com]