The latest addition to Arc System Works' BlazBlue series of fighters has been revealed at BlueFes 2012. Shoryuken.com reports on the new title, BlazBlue: Chrono Phantasma, which possibly adds three new characters, updated costumes, and updates to the existing movesets.
Only the title has been confirmed thus far, with Arc System Works designer Toshimichi Mori tweeting it out. The rest of the details—redrawn neutral poses, different background music, and more—come from a fan attending the event, so we'll have to see what Arc System Works officially announces in the near future.
Update: Here's a video. Thanks, AntiKoan!