Details are few and far between (aren't they always) but Star Ocean: The Last Hope was announced yesterday at a Japan-only Xbox 360 press conference. World War III has ruined Earth, and humanity has jumped ship in search of a new place to live, literally planet hopping through "a star ocean." I c wut u did thar, Square Enix. This is a prequel to the previous Star Ocean games and will feature Edge and Remi as hero and heroine, respectively. According to IGN, we should be seeing a new battle system, but that's about all I can tell you.
What I can tell you is that the game will be released in 2009 for the Xbox 360. However, PS3 fans shouldn't despair -- producer Yoshinori Yamagishi was quoted in regards to 360-exclusivity: "We cannot announce anything on that. We can say that it will be released first [on the Xbox 360]. Whether we'll release it on the PS3 is undecided. We may release it, we may not." As of right now, the game is playable, so here's hoping for a Q1 2009 release.
In any case, check out the gallery for some screenshots. The game is obviously polished and gorgeous (par for the course for high-production SE games), if a little uninspired and heavy on bloom lighting.
Also, the person that comes up with the best pun on the fact that The Last Hope may be the Xbox 360's last hope for a market share in Japan gets three gold stars.