IGN Reported this today in their PC news:
April 13, 2004 - As reported in our recent Gaming Life in Japan, the latest Phantasy Star Online game is coming to the PC.
Blue Burst is actually just the PC version of Phantasy Star Online: Episode 1 & 2 which already appeared on GameCube and Xbox. However, there are a few changes in store. You can now access shortcut commands, visible at the bottom of the screen. A new character, Momoka, appears in the game's lobby area and offers up new quests. More exciting is the new "Team System," where you hook up with team members and can even communicate with one another from across different ships.
There is also the promise of improvements in a few areas that have gotten a bit stale in the PSO world. Sonic Team has mentioned improved graphics and control. We're not sure how much these areas will be improved, but with the PSO engine being a few years old now, we'll take any additions.
The biggest change appears to serve as a good means of keeping people from cheating. Phantasy Star Online: Blue Burst is an online-only experience. Character data is now stored on the game servers far out of reach from those who would modify their characters to give them an advantage in battle.
A closed Beta test for Phantasy Star Online: Blue Burst began recently in Japan, meaning an official release for the game should happen shortly.