Ah-ha! I found some details:
The PsOne combat system is being revised into a more tactical Mutual Assist System for the Valkyrie Profile: Toga wo Seou Mono (Valkyrie Profile: The Accused One). Before you can unleash a special attack you need to move multiple characters next to a monster. Once everyone is in position, the familiar one-button-equals-one-character menu appears on the top screen. You can press the face buttons to use up attack charges and fill up the hit counter. Max out the hit meter and it’s time to “purify weird soul”.
So it is a SRPG, but it mixes in VP combat. Interesting, well I enjoyed FFT so hopefully this will be a fun spin-off for VP before they do VP3.
Edit: Apparently there's an interview with the director (勝亦俊介) from tri-Ace in the next Dengeki DS&Wii:
http://ds.dengeki.com/dswii/0811.html