As much as I've felt Square Enix has stagnated lately, I must say that Chaos Rings was a very nice game. Worked great on iOS devices, boasted simple but fun roleplaying gameplay, and kicked ass in the music department. It's good to know, then, that Square Enix is set on continuing the series.
Two new games are currently in development. The first is Chaos Rings Omega, set for iPhone. This is a prequel (what is it with this prequel obsession lately?) that's due to release in May, at least for Japanese customers.
The second game is Chaos Rings II, which is pretty self explanatory, really.
Sounds like fun to me. If Square Enix stopped making Final Fantasy games and just did these iPhone RPGs, I'd be quite fine with that.
Chaos Rings Omega Hits in May [andriasang]