The newest game in the BlazBlue series features three new characters to the series: Amane, Bullet, and Azrael. It also includes new artwork and different designs for a number of characters as well as new stage backgrounds and music.
So far, the game is Arcade only but, based on the history of the series, it is expected to be ported to home and/or portable consoles. And it could be fairly soon after the initial release. The last two retail games, Continuum Shift II and Continuum Shift Extend, were ported within a few months of Arcade release. No console has been officially announced.
The official release of the Arcade version will be this winter but location testing for the game will take this coming week in Akihabara, Japan. So stay tuned for more details as people begin experiencing the game.
Check out the reveal trailer:
Source (http://shoryuken NULL.com/2012/08/05/arc-system-works-announces-blazblue-chrono-phantasma-includes-three-new-characters-additional-outfits-updated-moves-and-more/)