N3 sucked pretty bad.
It was Phantagram's first game since Kingdom Under Fire: Heroes. Maybe the bar was set just too high...I don't know.
HOWEVER: The fact is, that Feel Plus is making it, not Phantagram or a lesser developer. Feel Plus is the same team that gave us Lost Odyssey (with Mistwalker), and is staffed by a ton of Square Enix veterans, which is VERY good news.
Back from the dead, I'm afraid.