SEGA's announced that Phantasy Star Universe will be released on Xbox 360 this autumn along with previously announced PlayStation 2 and PC versions.
PSU - no relation to the thing that makes your PC work - consists of a single-player adventure spanning multiple planets and Xbox Live-based multiplay.
"The reinvigoration of this beloved franchise on the Xbox 360 signifies another step for SEGA towards next-gen leadership," said SEGA's Scott A. Steinberg, implying that the 360 version will be pretty and everything.
Played online, the Xbox 360 version will allow you to group together with your friends (or Friends in this case), making a squad of up-to-six, and enter worlds where hundreds of other players are playing. Previous Phantasy Star Online games were limited to groups of four and nobody else. And obviously the old-days Phantasy Star stuff was single-player. So that's the whole history in a paragraph really.
Expect to see and hear more about PSU's Xbox 360 version at E3 next month.