Turns out the series wasn't dead after all. Phantasy Star is back.

It's called Phantasy Star Universe. Unfortunately, that's about the only thing we know about the game right now. The latest edition of Sega's long-running RPG franchise was revealed at their booth today, with a pre-rendered video. Character design is similar to that of recent games, and it will continue to be realtime, rather than turn-based.

Other information such as consoles, release dates and online/offline play weren't divulged. Be assured, we'll be keeping an eye on this baby. Fingers crossed it'll come to Gamecube then.

Update

A few more details have been released by IGN. The game will be a massive multiplayer online role playing game (MMORPG) that takes place in a whole new world.

At the moment nothing else is known about the title and apparently Sega have no plans to tell us more.