This is basically previous trailer in a different style. But gameplay is teased from 3:23. Its a must have for PS Vita owners.

Source: http://www.youtube.com/watch?v=rWosU5bZuC4

Source: http://n4g.com/news/1385930/first-glimpse-on-ps-vita-exclusive-freedom-wars-gameplay-video-unveiled-full-reveal-on-the-21st

Hyped!!!!

so hyped for this game!!!!!!!!!!!!! looks beautiful

That was it... more waiting, NOOOOOOOOOOOOOO!!!!!!!!!!!
I NEED TO SEE IT NOW

It's part of their Warrior Project or whatever so it's likely a hunter game.  Still, I'm sure it's more story-based like God Eater.  I just want a pretty companion android, too.

"The game 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."  (Wikipedia)

Its been 6 months and they're still re-showing this damn trailer. I mean, it's a fantastic trailer, but really - enough. Gameplay reveal should've happened by now.

Cautiously watching this one. I have no interest in more Monster Hunter clones, but a faster paced action-RPG would grab my attention.

For what have been revealed, Yes, seems a grind fest. And on others detail announced is gonna have GPS based MMORPG tweaks on it, and 4vs4 PvP, and for what seem on the trailer, more than 4 player coop. Seems more like Shooting based but will have summons?... 

We won't know until that event/unveil I guess.