The 'L' and the 'I' together kind of look like a 'U'
Level-5's got a new role-playing game that has a cutesy art style (yay!) and composer Nobuo Uematsu (double yay!) but it's a free-to-play mobile title. The basic hook of Wonder Flick is that commands are issued by flicking the screen and, other than that, it looks like a fairly traditional project from Level-5, brought down in scope to better fit iOS and Android.
The initial mobile release is happening in November 2013 for Japan -- though that's only the beginning, from the sound of it. According to 4Gamer, Level-5 is looking at PS3, PS4, PS Vita, Wii U, and Xbox One versions of the game for next year. Perhaps Wonder Flick will use a different revenue model on those platforms. 99 times out of 100, I'd rather just pay a flat rate up front.