Square Enix's 1st Production Department, the team for the Final Fantasy and Kingdom Hearts franchises, is currently working on a PS3 and Vita project in the Unity engine. Andriasang dug up several job listings that mention the game is an action RPG, along with noting several other classic JRPG staples like airships, inns and world maps. Unity is a prolific game engine that currently works on many platforms (excluding microwave ovens... and Windows Phone 7).
At this point, we know more about what game engines Square Enix is using for its projects than we do about the actual games. The company also recently announced an original, Unreal-powered action RPG under the direction of Ryutaro Ichimura (Dragon Quest 8 and 9). The company later teased the project with some concept art.