Level-5 is an independent developer who has recently worked with Sony on the White Knight Chronicles series. Level-5 has a development history that spans all the way back to 2000's Dark Cloud. Many probably remember playing this title and enjoying a customizable game world for the first time. It's not very often that a new developer comes storming out of the gates with a title as big and important as Dark Cloud, but Level-5 managed to pull it off.
However, many would argue that the studio has lost a little bit of its edge. It wouldn't be surprising, given the huge cutbacks we see nearly every week or so in the games industry. I hate saying that, as they were behind one of my favorite Playstation 2 games – Dragon Quest VIII: Journey of the Cursed King. That said, it's impossible to ignore the failures of White Knight Chronicles. The games have had very lackluster graphical components, which take away from the overarching experience. Furthermore, the stories of the games are of little appeal, as the first is based on the old trope of 'save the maiden fair.' Normally, that'd be OK. There's no twist here, though – it's just shoved in your face and you're to accept it.
During a White Knight Chronicles livestream, Level-5 president Akihiro Hino stated that the development team is working on a title that they will reveal at E3 2015. The game will be a Playstation 4 exclusive. While nothing past this has been said, you can bet that there will be more information as we approach the month of June. Hino did say that he wanted this title to exceed the White Knight Chronicles series, which shows that the studio realizes that those games weren't their shining moment. Hino has been with Level-5 since its creation and we know that he'll be doing everything he can to make their first major foray onto next-generation consoles a strong one.