A multi-page advertisement in this week's Famitsu magazine (via AndriaSang) reveals a new action title for the PlayStation Vita. Dubbed "Soul Sacrifice". The title is believed to be a first-pary title and the advertisement reveals three key phrases for the game: story of magicians, eveolved combat, and real fantasy (oxymoron?).
A conference will be held on May 10 to formally unveil the title to press and the public. PSN members will be able to stream the conference online by registering their IDs, though this will presumably only work with Japanese IDs.
Internet speculation says this could be Sony's stab at the Monster Hunter fanbase (a franchise the Vita currently lacks an entry from). I think it's a wise choice, especially considering the fact they would most likely localize it. Capcom seems keen not to put a Monster Hunter on Vita right now and the handheld is selling poorly enough that I'm doubtful Sony can afford to skip over niche titles that could encourage hardware purchases.