Apparently, Last Rebellion *is* coming out this year, but not in North America. Nippon Ichi Software officially announced the game for Japan and slated their first 3D RPG for 2009.
Last Rebellion is developed by Hit Maker, the same studio behind Blade Dancer and A Witch’s Tale. In the game you control two characters Nine, a swordsman, and Aisha, a magic using “sealer” that share a body and a HP meter.
This batch of screenshots gives us a better look at the battle system which shows Nine or Aisha fighting solo. Similar to Front Mission and Vagrant Story players can target specific body parts like arms to reduce an enemy’s ability to attack or their legs to slow them down.