People pestered me to make this thread so say it all together: "Here we go!"
Leaflet scans:


What we know:
- Made by Sandlot (Earth Defense Force series, Chou Soujuu Mecha MG)
- Playable characters are Freyr and Freyja (two norse gods) with Freyr focused on melee and Freyja on ranged weapons.
- 300 weapons unlocked through some upgrade tree with mana, can take 3 of them into a mission.
- 4 player online coop with a shared lobby (like PSO or Guild Wars) and some amount of character customization.
- Motion Plus and Classic Controller support (my guess is that the right analog stick will be used to mimic the movements of the Wiimote)
- 5 difficulty levels, if this is like other Sandlot games you will be able to select the difficulty per mission and beating each on different difficulties is tracked (there are five blue and five red stars under each mission on the mission selector, most likely it tracks every combination of character and difficulty and to get 100% you have to beat ALL of them). Usually higher difficulties give better rewards and you're supposed to start on normal and replay older missions on higher difficulties once your equipment is better.
- High quality cast of voice actors (at least in Japan...)
- Bows use multi-target lock-on with the starting one already locking onto 4-6.
- There's magic that uses MP which is regained by killing enemies.
- The framerate is "variable" (Sandlot games ALWAYS have slowdown) but the controls are designed to not be impacted by that.
- CERO D (17+) because of blood and the ability to cut off limbs.
- Release in Japan on 11th February 2010.
- Likely no Wii Speak, just fixed sentences.
- Atmosphere supposedly like LOTR battles (at least it has the huge elephant things...)
- Some weapon specific gauge is there. It's not shown on all weapons. Noone knows what it is.