So, it's coming out soon (the 3rd if you preordered on Gamestop's site, 8th if you're picking it up at a store) and it's looking really awesome. It's by the Odin Sphere guys, so it's really pretty, but this time it's much faster and combo-focused; I remember someone saying it's a kind of 2D Devil May Cry.
Oh, and it's got official tentacle porn, which Play Magazine proudly displays right on the cover of this month's issue:
Gametrailers has a few really awesome videos
. I wish they recorded english voices, but Ignition didn't exactly make a lot of money off of KoFXII.