Okay, here's what Moon Phase has to say:
Macross F (Frontier) - tentative title
Original Work/Story Composition/Chief Director/Mechanical Designer: Shoji Kawamori (Macross, Aquarion, Arjuna)
Director: Yasuhito Kikuchi (Aquarion)
Series Composition: Hiroyuki Yoshino (Mai HiME, Code Geass)
Character Design: Mikan Ehime* (Gravion Zwei, Prism Ark) /Yuuichi Takahashi (Aquarion episode animation direction)
Animation Production: Satelight
* It appears that Mikan Ehime changed her name recently and is now credited as 江端里沙
Yoko Kanno is most likely composing along with another composer (like in Aquarion). It is a TV series, set after Macross 7, and features two Macrosses - Macross Frontier and Macross Galaxy. Attendees of the Live Concert describe the trailer as a Macross 7 feel with visuals of Aquarion and Macross Zero.
The lead chosen out of 5000 hopefuls in the audition is Megumi Nakajima. She will play the role of 18 year old Lanka Lee.
http://www.nakajimamegumi.com