Sound like a remarkably short turnaround? That's because the game isn't actually new, having launched in Japan in 2006. Square-Enix had initially put quite a bit of promotion behind the game, but it very nearly died in its home country soon thereafter. Gamepot saved the game from a swift death, uncoupled it from the rather ill-fated PlayOnline Viewer, and moved to a free-to-play model that's been working out quite well for the game ever since.
Tortured history aside, players can expect Fantasy Earth Zero to deliver a very active PvP experience with large-scale battles, as well as the usual high production values associated with a Square game. Take a look at the official teaser site to see about entering the local beta, and keep an eye open for more details about the game become available in the likely very near future.