Dragon Quest XI Announced for PS4 and 3DS
PS4 Version Gameplay
Dragon Quest XI will have staple features from the series as well as the ability to jump, a more lively world where NPCs interact more, and for the first time, the ability to climb and fully explore environments. Monster encounters will be symbol encounters, meaning you'll run into them on the field to initiate the encounter.
3DS Version Gameplay
Overall though, this is clearly an effort to first make the game the team wants to make, the large, beautiful PS4 version, and then the version that appeals the best to Japan's market, the 3DS handheld version. It's undeniably an interesting and potentially very smart move.
There was no mention of any kind of localization at this time seeing as this was a Japanese event, but numbered Dragon Quest titles have a habit of getting localized outside of odd circumstances, so I wouldn't worry too much. The question is really about which version will eventually come west, both, or just the PS4 version? They're focused on getting the game out in Japan around Dragon Quest's 30th Anniversary, which is coming up next year.
Check out the Siliconera source for more screenshots from the event, or check out the event reveal video from the live coverage.
Siliconera
Ongoing Discussion
Event Reveal (Japanese)