But before you get too excited (and after you ask 'When was there a Lord of Vermilion 1?') know that this is a Japan-only, card-based arcade action game. Which means you may never play it unless you make a trip to Japan. To get a good idea of exactly what we're missing--and why it may be a challenge to port to consoles--take a look at this gameplay video of the first version.
To bring this a little closer to home, Lord of Vermilion 2 will feature four characters from Final Fantasy 4: Kain, Rydia, Edge and Golbez. Nobuo Uematsu also composed the soundtrack for the first Lord of Vermilion last year (making it his most recent work with Square-Enix after 2006's FF12), so chances are he will be at work here as well.
Look forward to not playing Lord of Vermilion 2 this fall.
Source: Official Site