Here's some info on the gameplay from wikipedia:
"The game is a battle action game, and will feature online and offline multiplayer functionality, both co-operative and competitive, for up to eight players. The game will also make use of the Vita's built-in GPS functionality, near. The game features a whip called the "thorn" that the player can use to zip across the battlefield and pull giant monsters to the ground.
The game features a system known as the City-State War Mode, where players are separated into 47 Panopticons, with each representing one of Japan's 47 prefectures. Each Panopticon competes with the others in development, where players set out to seek natural resources and invade other Panopticons. Developed Panopticons have the capability to place other ones under their control, and leaderboards will be used to compare each City-State. Within this mode, criminals fight amongst themselves.
Players collect resources known as abductor parts. Those who contribute to their Panopticon are rewarded with accessory customisation. Voices triggered during the game can be customised. The game will feature text-to-speech functionality for communication between players in multiplayer games.
Weapons are categorised into six groups, namely small swords, large swords, spears, personal firearms, multipurpose firearms, and squad support firearms. Weapons feature varying degrees of rarity, and players are able to equip two simultaneously, whilst Accessories are able to equip one"
Overall, I think it's going to be a very good game for the console. Would like to see more variety with their gameplay videos though because videos like this just remind me of Soul Sacrifice and Toukiden with a futuristic twist. I'm also wondering how good the online functionality will be. Being that Japan Studio is working on it I have high hopes, though. Your thoughts, SW? Vita has a game!