I guess Square Enix isn't fooling around with this release. A few weeks after posting new staff at game studio Media.Vision, Final Fantasy Ring picked up on the news and Famitsu got a hold on the game's name, 'Chaos Rings'.
Personally I'm blown away by just how good this game looks - easily comparable (if not better) than Final Fantasy 8 on the Playstation. Touch Arcade forum member GDSage has provided more details - and English trailer and screenshots are apparently on the near horizon.
News via New Square Enix RPG - Chaos Ring @ Touch Arcade forums.