It's out in Japan.
Go get it. Now.
http://bumped.org/psublog/pso2-guide-list/It's the sequel to the original Phantasy Star Online that originally came out for the Dreamcast back in 2000/2001, and unsuccessfully had a reboot with Phantasy Star Online Blue Burst. After Phantasy Star Universe and everything that spawned from that, Sega decided to go back and make the sequel to the game that captivated many people (including myself.) when it was released.
At the moment, PSO2 is only out in Japan, but it is free to play and takes a little trial and error to mess with the Japanese layout of everything. It'll eventually come out in English for the PC, PS Vita, and (supposedly) smart phones.
