http://www.gamesarefun.com/cgi-bin/newspro/fullnews.cgi?newsid1059750763,41944,
Nothing but a teaser trailer, but Level 5, who made dark cloud 2, and currently has Dragon Warrior 8 and True Fantasy Online in development are working on another game.
Hopefully not cell shaded. It’s a neat graphics technique but I’d like to think their art department capable of more.