As you most likely already know, Sega has announced a new game for the PS series mysteriously called "Phantasy Star Universe."
Here's the full article by IGN:
May 12, 2004 - Phantasy Star Online fans who were disappointed that Sonic Team declared Phantasy Star Online Episode III: C.A.R.D. Revolution the last installment in the PSO series or those turned off by the card based nature of Ep. III had better turn that frown upside down. In Sega's booth at E3 2004, Sonic Team held its "stealth announcement" of its latest project -- Phantasy Star Universe.
What exactly is Universe? According to Sonic Team, "it's a rebirth of a legend." But, we don't really know. IGNcube learned from Sega that this title is so far in the future that they aren't allowed to release any details. The trailer, which aired every two hours, was merely there as a teaser for fans of the series -- telling them that there is something coming. Platforms weren't even revealed, although we imagine that it will definitely be on GameCube because of the large PSO user base (and it's the traditional PSO platform now that the Dreamcast is defunct). There have also been rumors that a PSO game is slated to appear on PS2, so Universe might be Sonic Team's initial foray onto Sony's console. Xbox is a possibility because Episodes I & II were released in 2003 -- heck, it could even be a PC title (we doubt it since PC is getting Blue Burst. Pure speculation.
The only other concrete details we learned was that this is going to be an action MMORPG. Does this mean it'll be akin to Phantasy Star Online? Or, will it resemble Final Fantasy XI? All we know is that it's going to be a while before we find out -- especially since the trailer revealed "just started..."
The trailer itself lasted a little under four minutes. The first minute and a half was a brief introduction to the new title. Apparently, it will be Phantasy Star Online 2 because it's a whole new game that takes place in a whole new world. The rather ambiguous thing is that the trailer references both Phantasy Star Online 2 (which is what we think this is) and Phantasy Star V.
The rest of the trailer was composed of highly detailed full motion video. The most noticeable thing? FMV sequences. Next? Sonic Team has overhauled the art style for universe -- everything looks a bit smoother (although it does maintain some similar elements). The trailer roves from lush grass to a futuristic city. You watch as a character jumps out into the air onto a hover board, activates some sort of suit, and then zips off into the horizon. Later, a similar theme is displayed when a different character morphs into a beast. For the finale, a group of adventures fight a giant two headed dragon/lizard creature. The trailer is simply amazing. Watch it here.
Trust us, we'll report back with more on Phantasy Star Universe as soon as details are available. It's gonna be a long wait, so watch the trailer now , seriously.

Check out IGN's media here.