If you are a fan of PSO, you have to be cautious at this point with any news regarding a new game in the series. I was a huge fan of PSO on Sega Dreamcast and all its iterations up and through Gamecube. I still play PSO BB on occasion on the PC. I did purchase and play PSU somewhat extensively, but it just wasn't the same. This was the general consensus of everyone I knew from PSO too. We all wanted something a little more like PSO. So since the moment I had heard PSO 2 was in the works, I've been excited but also hesitant to allow myself to be too anticipatory. So far, a lot has been revealed. The art direction seems to be a cross between PSO and PSU. There is also a lot of character customization being implemented. While what made PSO so nostalgic to many people is a pretty diverse question, I think the community of PSO fans can all unite in the hopes for Sega to deliver something that will recapture our interest for the game. This is definitely a hard thing for Sega to tackle, as what made PSO for me may not be the same thing for others. They can't recreate the same game with updated graphics and pass it off as new, but at the same time they can't too drastically depart from the original concept.
Still, I'll remain hesitantly hopeful. I will probably purchase it when it comes out to make the decision for myself. Until then, if you're a fan, keep yourself updated on the news for PSO by visiting www.pso-world.com
There you can find new screenshots, as well as video of the game in action.