Thanks to Midori for some translations and Tycho, we've got a glimpse of what happened at TGS for Phantasy Star Universe. Here's a few of the new things that were added to the game.
You can target monster's weak points in first person shooting mode.
Players can visit other player's rooms.
In the video a beastmen is riding some kind of ostrich without feathers which could indicate another vehicle.
Bosses are in special areas that players warp to, much like in PSO.
The face chat system can be used outside of the lobby.
Along with that, the entire conference is available on video
here. Fair warning this is almost 30 minutes long and is 60 megabytes. Also at the end of the video is a trailer with a remixed theme for the game. This will hopefully be translated soon and this post will be amended when translation has been finished. However the stage show will not be translated unless someone wants to take up that task.