Famtisu revealed this week that BlazBlue: Chrono Phantasma will indeed have a console release, but according to Andria Sang, it might be PS3 only -- at least in Japan. While we'll have to wait a bit longer to get full details on whether or not the game is coming out for XBOX360, the preview in Famitsu revealed some more details about the game not to mention a handful of new screenshots.
Producer Toshimichi Mori says they are treating Chrono Phantasma as a new game which I assume means there will be major overhauls to the gameplay system and characters. The first of these new gameplay elements is the Over Drive system which is meant to counter act the defensive nature of the Burst system. When your character goes into Over Drive mode their special attacks get a boost and they become more powerful overall.
He mentions that beyond the versus fighting he hopes to include many more gameplay elements to keep players entertained (think story mode).
He also mentioned that they are putting a lot of effort into the netplay. BlazBlue has always had exceptional netcode but he mentions that if they achieve what they are aiming for it will be amazing.
The console version is about 30% complete while the arcade release is slated to hit Japanese gamecenters come winter.