At the urging of M2 president Naoki Horii, Iuchi recently announced Ubusana on his personal blog. Scant details are available on the game, though, thanks to a Siliconera translation, we can tell you that it's going to be a shooter that will debut as a PlayStation 4 downloadable game. It's possible that Ubusana may come to other platforms, though Iuchi is currently focused solely on the development of the PS4 game.
According to Iuchi, the team at M2 is working to polish Ubusana's core systems, though he cautions fans that it's going to be a while before the game is available. As with most niche Japanese games, there's no guarantee that Ubusana will find its way to Western shores, though Iuchi's legendary pedigree among shooter fans should help it find a publisher outside of Japan.