A bit more info has filtered from Famitsu regarding Sakaguchi next Action RPG for the 3sexy. The game will be developed by Sakaguchi's studio Mistwalker in collaboration with Artoon. Artoon was chosen over Cavia after their good work on Blue Dragon. Character Design has been taken off Kimihiko Fujisaka of Drakengard fame and given over to Manabu Kusunoki (Panzer Dragoon).
You can sample his style in this new artwork
In the same Famitsu interview, we learn that Blue Dragon will be translated in 8 languages, including subtitles and voices.
Mistwalker release schedule should go like this:
-Archaic Sealed Heat (Nintendo DS)
It's worth noting that Sakaguchi is already talking about a Blue Dragon sequel.