There's another RPG coming into town, to be localized and published by none other than Atlus. This time it is for the Nintendo DS - Etrian Odyssey III: The Drowned City. There has been no other details released, besides the official confirmation blurb in Nintendo Power, but RPG fans and DS owners should keep their ears open for an announcement at or around E3.
This is the third game in the Etrian Odyssey franchise (obviously) and is set in a seaside city called Amroad. This city once held great significance and was a mecca of civilization, but after a gigantic earthquake a hundred years before the game begins, the middle of the city crumbled away and sank to the bottom of the sea. Naturally, all its technology - the stuff that made the city so great in the first place - sank with it.
That sunken city created a labyrinth - both in the whole it created and in the ruined part of the city itself. People gathered together there in Amroad to figure out how to get to that sunken city, filled with all the shiny technology. You play as an adventurer who is going to explore the various parts of this ruined city and the surrounding labyrinth.
The Etrian Odyssey franchise is very traditional dungeon-crawling RPG goodness, and rather tough to boot, so expect those things going in, because it is unlikely to lose any of that challenge in localization.