We haven't learned many new facts about the game at E3 -- at least, not yet. We did find out, though, that the little fairy-like creatures hanging around in certain screens are actually spirits. As more spirits gather, you might run into larger and rarer creatures.
While we know Frontier won't be a sandbox style game, the video makes it look like there will be a lot of exploring to do. This could become a pain in a Rune Factory game (having to plant certain crops in a certain dungeon because of its season, and then constantly having to run around and take care of those crops), we love the idea of having a big area to feel out. We really can't wait for this one -- 2009 won't come fast enough.
Check out the screens in the gallery if you'd like, but make sure to click on the "High Res" button to get a feel for their full beauty.