From Famitsu:

いまはまさに『レイトン教授VS逆転裁判』の制作が佳境です。生活のすべてが、そこに集中しているというような感じですね。まだあまりお話しはできないのですが 、順調に進んでいますのでもう少しお待ちいただければと思います。

The development of "Prof.Layton vs Gyakuten Saiban" is the final stage.
My life concentrates on "Prof.Layton vs Gyakuten Saiban".
I can't talk about it now, but the development goes smoothly.
Please wait a little more.

Just to refresh you memories, the glorious trailer:

One of the reasons I bought a 3DS - please let this be released in the West

Of course it will.

The news here is maybe it's a 2012 game! Great! 2013 may not be the first year since 2008 without a Layton game in the west!

I just can't wait for Layton 5 too!

Andriasang take on the news

http://andriasang.com/con2af/layton_ace_attorney_development/

They also talk about Ace Attorney movies, that retell the games through different angles.

Hate to bump a thread like this :( - Layton and Phoenix need more love from VgChartz. Let's try again

To make this bump at least worthwhile, here's a hot Franziska Von Karma Cosplay

Anyway...

Nobody's excited by this game?

One of my most anticipated games. I had a Twilight Princess moment when I first saw that trailer.
It's nice to hear that they are close to completing it and I can't wait for them to release it here in Europe!

I've been waiting for this game for a long time. Looks really fun. I hope they're able to use both aspects of the games into it well. If it's Level-5 we're talking about they'll find a way to get it over here in the west.

Can't wait for it, it's going to be fantastic.
So Q1 2013 for Japan, Q2 2014 for Europe and Q1 2016 for America (Published by Xseed of course)

It would be foolish to not release this in the west considering how popular Layton is, and it could promote Ace Attorney

I am excited for the game and ace attorney 6. Need footage of AA6 though.