It's been over a decade since Sega released the first Phantasy Star Online for Dreamcast. The MMO space has changed quite dramatically over the years, and the upcoming Phantasy Star Online 2 reflects the evolution of the genre.
Perhaps the most significant announcement from Sega today: Phantasy Star Online 2 will be free-to-play, as so many games tend to be nowadays. Like other online games, microtransactions will monetize the gameplay experience.
In addition to the already-announced PC and Vita versions, Sega has also announced a smartphone version, coming to iOS and Android. According to Andriasang, the phone versions will differ from the PC and Vita versions. Instead of being the "full" experience, it will offer simpler character creation, simpler controls, and a more "personal" experience. Instead of of-erring cross-platform play, it will simply share data with the PC/Vita versions.
The PC version will be available in Japan by early summer. The smartphone version will follow next, in Winter. Finally, the Vita version will be available next year.