Whoever thinks it is a Star Ocean MMO needs to get their feet back on the ground.

Firstly, there aren't enough fans. Secondly, the combat system in Star Ocean games is one of the things that a lot of the fans enjoy, and it simply wouldn't work well in an MMO. Thirdly, there's no way SE could afford to develop another MMO at this time, considering they're running FF11, developing a Dragon Quest MMO, and re-making FF14.

I think it's just another space-RPG. Perhaps they felt like they needed a new IP after they ruined SO's reputation with SO4. Perhaps it is even developed by the same guys that made Star Ocean, just in a different, but similar universe. That would sort out problems with continuity between the exiting Star Ocean games.