This new game from SEGA is looking really sweet, I just checked the Teaser Trailer on PSN.
Here is a extract from Wikipedia:
The game is set in the fictional world of Europe in 1930, in the country of Gallia. Because of its abundance of ragnite ore—which can be refined into a powerful fuel—it has come under attack from the East European Imperial Alliance, which itself is engaged in war with the Atlantic Federation.[3] Players take control of an uprising of Gallian nationals, dedicated to repelling the invasion. The game's visuals have received a lot of attention, featuring sketch-style cel-shading of such high quality that it has attracted favorable comparisons to animations by Studio Ghibli.
Valkyria Chronicles features a unique turn-based battle system called BLiTZ (Battle of Live Tactical Zones).[5] In-between turns players are treated to an overhead map view, Command Mode, but zoom in to control each individual unit on the battlefield during Action Mode. Movement and other actions are handled in real time during Action Mode, though limited by an AP gauge that varies for each character. This gauge can recharge even during the same turn as you operate other characters. Additionally, players are in direct control of the characters' aim during Target Mode, allowing for head-shots and other advantages. Taking command of individual units during the player's phase costs Command Points, which can be utilized dynamically to either grant movement to many different units or the same unit consecutively depending on what the player wants to accomplish.
Each character in the game fulfills a specific role—for instance, Alicia is a mid-range rifle soldier, while Welkin is a tank commander. There are also a host of other roles including assault infantry, medics, anti-tank specialists, snipers, and engineers.
I look forward to play this one. Expect it to hit US shores on November 2008. No specific date other than Q3 2008 was announced for EU.