I saw the old thread for this, but it was several months old so I thought it would be okay to make a new one. Anyway I've found a little bit more info about the game from a preview at 1up which you can view here
http://www.1up.com/do/previewPage?cId=3165167 It's sounding better, but I probably still wouldn't purchase it because it's for the PSP which I don't have and I don't feel that I should spend over a $100 just to play the game, but if I do come about with a large amount of money then I would get it.
I hope that the game won't only feature primary characters and their villains, but also other members of the party like Vivi, Quina, and Tifa I'm hoping for. If they do VIII then I wonder which villain would they go with in the game Seifer or Ultimecia? They both play large parts in the game.