It's still going to be a little while before "real" news shakes out, but some details were recently revealed in Famitsu (via Andriasang) about one of Square Enix's upcoming Unreal Engine games. The project will be an original (meaning not Final Fantasy nor Dragon Quest) action RPG under the direction of Ryutaro Ichimura (Dragon Quest 8 and 9).
Ichimura told Famitsu that the game's staff traveled for two years and conducted user surveys to research art and gameplay direction. With the basic concept complete, the team is now looking to grow beyond the staff of 35 and begin production.