SO WHO'S INTERESTED IN THIS. Radiata Stories people are doing art/character/world design stuff, that Youko Shimomura person is doing the music (she did Kingdom Hearts and Legend of Mana and probably some other stuff), and then a bunch of SMT people are handling gameplay stuff.
And I think I read something about a time travel mechanic. BUT ANYWAY IT SOUNDS LIKE IT SHOULD BE PRETTY AWESOME TO ME, THOUGH THEY HAVEN'T PUT ANYTHING ABOUT THE BATTLES ON THE SITE SO WHO KNOWS.
Official site is here:
http://rh.atlusnet.jp/ and you may listen to the pretty musics there, if nothing else.