New key information includes:

• Protagonist Clive has an arsenal of powerful attacks and abilities based off traditional Final Fantasy summons, which can be cycled through in real-time, enabling powerful combination attacks. After Clive claims an Eikon’s (summon’s) power, he will be able to unlock its abilities in an “ability tree” through points earned in battle.
• There will be times where the player controls an Eikon in real-time, battling other Eikons. Each Eikon vs. Eikon battle is unique. One may be reminiscent of a 3D shooter, while another may be more like a pro wrestling match, while a third may transform the entire arena into a battle field. Each will have slight differences in user interface as well.
• Clive will be accompanied by one or more companions for most of his journey, who will participate in battle, as well as banter with Clive. These party members will be AI-controlled.
• The wolf-pup from the first trailer is named Torgal. As for whether Torgal will eventually play a role in combat, Yoshida said to “wait and see.”
• Creative Business Unit III chose a medieval fantasy style theme for Final Fantasy XVI becasue much of its core members, including Yoshida, simply enjoyed that style the most.
• The game uses an “independent area-based game design that can give players a better feel of a truly ‘global’ scale,” and is not open-world.
• The game will be “a complete experience” at launch, and there are currently no plans for other tertiary content.
• Players will follow the life of Clive through three stages: his teens, his 20s, and his 30s.
• Final Fantasy XVI is currently fully playable from start to finish, but voice-overs in multiple languages still need to be recorded, and as it is a very action-oriented game, much play testing is required to fine-tune difficulty, put the final touches on cutscenes, and for full-scale debugging.
• A third trailer is planned for release this fall, which will concentrate more on the world, lore, and storyline.

Get the full Square Enix Blog and PlayStation Blog interviews below.

So fuckin hyped for real time summon battles.

Some of this sounds fantastic.
Most of it doesnt tho.

Hot damn, every single bullet point sounds amazing! 

I have a 2nd cousin called Clive. The name of the protagonist in this game is so British that the name Clive is dying out because only people born in before the 90s were named Clive. I hope the other characters are named Alan, Roger and Phyllis.

I have been playing my first Tales game, Tales of Arise. And honestly I didn't realize how much I missed more FF until I played more non FF JRPGs.

I was never a huge fan of FFVII, but I played the remake anyways. It became my GOTY.

Suffice it to say that I am hyped for the next FF!

Not hyped for this

Looks like Final Fantasy XV gameplay without the very nice background, worldbulding and modern-world setting. Worse, without the open world so nothing to explore. 

Instead I only see a generic western RPG world

It's like taking the worst thing about FF XV (battles), stripping it of any sort of identity and inserting a linear storyline. 

At least VII:2 is coming I guess 

Pretty good news all around.

Glad they are not trying the open world again. They are awful at it. I don't know if they go Xenoblade with huge regions or more Dragon Quest XI/Tales of Arise of big but not massive regions. I love the DMC combat.

Um no. XV's combat was ass yes but this is nothing like it. They literally hired the DMCV combat director for this. Far far and above XV's bullshit and FF has been doing the modern shit for far too long. FF was medeveal fantasy setting long before it was cars and modern settings with Limp Bizkit and Stand By me. Many fans including me have been begging Final Fantasy to return to a fantasy setting since post-FFIX. You had 25 fucking years of cars and cell phones in Final Fantasy. Time to a return to form.