In the latest issue of Dengeki Playstation, Ys/Trails in the Sky developer Nihon Falcom reveals that it's working on yet another PSP game, even though it's moved on to the Vita for the next Ys game, Celceta Sea of Trees (based on Ys IV).
Surprisingly, even though Celceta is due in Japan in spring 2012, this new project might be out before that, CEO Toshihiro Kondo said. That's even more surprising given that the new Legend of Heroes game, Trails of Blue, comes out in Japan on September 29. That means Falcom has enough manpower to work on three games simultaneously.
You can check out the trailer for that new Vita Ys above. It isn't the most "HD" appearing game on Vita, but it's still nice to look at.