http://www.neogaf.com/forum/showthread.php?t=334655

- Phantasy Star Zero (DS)
Publisher: SEGA
Developer: Sonic Team?
- Characters Art style is similar to Rockman Zero.
- Character Designer : Toshiyuki Kubooka (IdolMaster, Lunar)
- Scenario : Tooru Shiwasu (formerly in charge of the online quest on the original PSO, now a writer)
- Scenario : Teru Arai (mystery novels writer)
- New in the PSO series
- Multi play over Nintendo WiFi connection
- Chat system supports sending of stylus sketches
- Huge Dragon: Rayburn


Neogaf is a pretty reliable source of game info, so I trust this, though I can't confirm it myself.
I saw a few scans and the game looks real similar to PSO, though a little gritty due to the fact that the DS sucks at 3D.
Wifi Multiplay oughta awesome. I wonder how this will hold up against PSP.