Sega has recently announced a new RPG from the creators of the Phantasy Star series. Tentatively titled Project Ares, this new RPG will take place in a world where people travel in the sky with ships. The game will be in full 3D, and promises to set new standards in RPGs with innovative gameplay concepts and ideas. Further details were unavailable.
Popular speculation points to Project Ares being the long awaited fifth installment in the Phantasy Star series. Although this seems very unlikely, it's always a remote possibility.
Source: Magic Box