Square Enix has announced the development of Lord of Arcana, a new action title coming exclusively to PSP.
In Lord of Arcana players are plunged into the dark depths of the underworld to fight powerful creatures of legend in their quest to obtain the power of Arcana - a stone which is the source of all order in the world.
Combat is described as simple yet rewarding, and there is a strong emphasis on multiplayer - up to four players can team-up to slay the darkest demons. Doing so can reward you with new items and skills. It sounds like local wireless only, though, with no mention of online multiplayer.
It is also possible to create your own avatars and produce various weapons from thousands of different combinations.
Square Enix is also promising ongoing DLC content which will provide players with new missions.
There's currently no word on a release date.