The new game is being developed by a team of developers responsible for the original game: Hiroshi Minagawa (Director), Akihiko Yoshida (Character Design), Yasumi Matsuno (Game Design), Hitoshi Sakimoto and Masaharu Iwata (Composers).

"Tactics Ogre: Let Us Cling Together, is being reborn from the ground up, with reworked visuals and effects, a re-arranged soundtrack by the original composers, new character growth mechanics and a new Wheel of Fortune system that adds even more replay value to the game."

How about a features list from the press release? Sure!

Features:
• From the creators of FINAL FANTASY TACTICS, VAGRANT STORY and FINAL FANTASY XII. The original TACTICS OGRE development team reform to revitalize their iconic title.
• Tactical, turn-based battles are brought to life with stunning graphics, sounds and animation.
  • New 3D maps that enhance the concept of height and improved battle engine, offering more compelling and realistic battles than ever before.
• Uncover the truth in a gripping tale of intrigue, betrayal and heroism.
• Near-endless customization and hundreds of abilities to choose from.
  • New characters not included in the original game
  • New Battle Skill ability, adds to the range of play beyond Magic and Special abilities
• New graphics, music, gameplay and much more make this the definitive version of TACTICS OGRE.
  • New and improved visuals that create a TACTICS OGRE experience with more detail than ever before.
  • Re-arranged soundtrack from the original composers including 15 new compositions.

The game's release date will be revealed at a later date, but like most Square Enix releases we can probably expect it to release in Japan before it becomes available in North America or Europe.