There's also a new trailer (23:20 mark):
http://www.youtube.com/watch?v=tKDH5...layer_embedded
Really hyped for this. I'm sure I'll spend a truckload of hours on the character creation alone.
As for it being announced for the West, I wouldn't put much faith in it happening all that soon, given Sega's history with screwing over overseas audiences. If PSO2 comes out in Japan (in 2012 presumably) without a confirmation for a western release still, I'm considering just importing the Japanese version then.