Looks nice, but I'm worried about the lack of mags in the screenshot.  Is this just going to be a sequel to Universe, but with "Online" in the name instead?

yeah I'm looking forward to this but its really got to have a lot more to it if they announce a monthly fee of any kind.

As reported at 4Gamer, the video Sega showed at the event had a bunch of phrases that may provide some hints about the game’s background.

First, what appears to be the overarching story:

The ship fleet Oracle (written in Japanese, “オラクル”) which travels the endless stars. A new adventure that awaits on the countless planets. Invasion of the malice that covers the universe. The name of the people who face off against them is Arcs (in Japanese, “アークス”). Will the universe be saved, or will it be swallowed up? It’s in the hands of the hero (you).

The above is just a super quick translation of 4Gamer’s summary. 4Gamer said that it might have made some errors in its transcript.

The video also mentioned a few key words and phrases:

Is there adventure in today’s RPGs?
Always, to a new field. Random field.
Original Combos
TPS style
Jump Action
Hybrid Custom Action
It gives you a foreboding feeling — seamless weather.
Something will happen every time!? Interrupt event
Aiming for “Endless Advneture.”
The adventure without end, once again.

Phantasy Star series producer Satoshi Sakai took the stage at the event and said that the staff is aiming to give players the feeling of adventure that has been lost in today’s RPGs. He described the game as “a brand new title” and said that he hopes the game will be enjoyed by series fans, online gamers and even players who have yet to get into online games.

Further details on the game will be released ahead of the alpha test, which kicks off this summer.    

Hmm. Sure looks a lot like PSU... The environment looks pretty cool though. The graphics aren't amazing, but I don't really mind that.

The fact they make no mention of a subscription worries me.  I can only assume they do intend this to replace PSU and will be charging a monthly fee for what's essentially a Diablo clone.

Well if it means anything, the recent PS games (Phantasy Star zero for the DS and the Phantasy Star Portable games for the PSP) had online multiplayer but have been free to play.

There's now a direct feed version of the trailer i originally posted with added English text. Added it to the OP.

I cannot wait for this game. So much of my teenage memories were playing PSO on the Gamecube.

There is so much that looks awesome, like the Rangers new play style, the stupidly large swords, jumping, and I really like that they kept a very similar character design style to PSO. I guess in the end though, whether or not there is an online fee will decide how much I play online. I wonder if it'll have an offline component similar to PSO, or maybe even a LAN option (of course none of this matters if it is sans-monthly-fees).

Three new screenshots, showing the RAmarl and RAcast races: 
 

Yay RAmarl was my fav!
I need a playable demo of this before I commit tho, PSU hurt me bad.

Three new images (Development Screen shots ) from : http://bumped.org/psublog/phantasy-star-online-2-rappies-and-forces-development-screenshots/

• Multiparty Area (A maximum of 12 players together)
• Camp Ship (Where you jump into a mission)
• Casts can skate
• Rapico?
• Third Person Shooting
• Wired Lance (New Hunter Weapon)
• You can morph every part of your face in character creation.
• You can morph separate parts of your body.
• You can add tattoos, and face paint.
• Change eyebrow color different from your hair color.
• Casts can change their armor color to any color of the rainbow.
• BOOB sliders
• Face type morphing
• Gun Slash (All Classes)
• Game Pad or Mouse or Keyboard