So far they have only announced this for PC but I am hoping that they release it on Xbox 360 as well. PSO was my favorite game on the Dreamcast and my first real online gaming experience.
Here is the trailer... Phantasy Star Online 2 Trailer
Also, you can go to pso2.jp and check out some screenshots and the trailer. And if you click the blue rectangle near the bottom it takes you to a page where you can send a message to the developers. I sent a message begging them to release it on consoles (^_^) (The first box is for your name and the second box is for your message. The button underneath sends it.)
I really hope they consider releasing it on consoles since that is where the PSO series got started. PSU was ok but for me it did not compare with the enjoyment I got from PSO.
I hope this doesn't turn into a PC vs Console battleground. PC players should already be happy. They get PSO2 guaranteed!