The game is set in a near future world, where overpopulation has had a devastating effect, stripping the planet of its natural resources. After starting a war, a conglomerate of corporations imposes a new way of living called Pax Economica, where people must live in colonies. The game picks up around five years after the new world order has come into effect.
Actual gameplay details are thin on the ground, but we do know that around 30 new Armored Core units will be present, as will network support for up to eight players. Famitsu also states that the game will feature faster action that previous Armored Core titles and customisation will also be present, although this may be tamed slightly so not to alienate newcomers.
No specific release date has been confirmed, but given that the PS3 is out in Japan on November 11, the game is likely to arrive then or shortly after.