I have seen trailers for it.
It's to be on the PSP in Japan in March. It doesn't have a release date for USA yet, but I still think it looks pretty awesome.

Its main character is a red-head kid named Tokio. Evidently this is supposed to be the last game of the .Hack franchise and they wanted to go out with a big bang.
So there are 33 characters you can team up with, including Kite, Rose, Tabi, Haseo, etc.
It looks pretty cool and honestly, I would love to play it.

Trailer[X]