Unreal-based action RPG Reborn headed to PS3, PS4 from 

Anaheim-based indie Elemental Labs is working on a new science-fiction action game designed to capture the feel of classic RPGs.

Acttil, the Los Angeles-based company formed by former NIS America employees in May, has teamed up with Anaheim-based game developer Elemental Labs to develop a real-time, weapon-based 3D action RPG for PlayStation 4 and PS3 called Reborn.

In a statement, CEO Franz Tissera said Elemental Labs wants to "satisfy the action hero in all of us while recapturing the magic, imagination, depth, and nostalgia of the classic RPGs that we enjoyed growing up".

Set in Neo-Tokyo 2188, Reborn stars a future version of Japanese swordsman Musashi Miyamoto. It has real-time combat but lots of RPG elements, including "an experience and leveling system, progressive License Board, rare loot and various character classes".

The Unreal-engine based game has been in development in his garage for nine months, and will take to Kickstarter shortly to chase $150,000 in funding ahead of a northern autumn 2014 launch. New publisher Acttil is also involved with the project.

Some key facts from the announcement press release are below.

• Neo-Tokyo is shrouded in lies and corruption. A massive wall stands between the wealthy and the poor as Rena Nakano, cyborg and president of Nexus Roku Corporation, leads the country into darkness. Manufacturing augmentations for human beings, Nexus Roku promises an easier life. But by embedding chips into their patients and buying out those who would expose them, Nexus Roku is able to alter the behavioral patterns of society to be docile and compliant, giving Rena Nakano unrivaled power and control.
  Once used to seal away the Tengu Demon Sōjōbō, Rena Nakano is in search for the ancient pearl in hopes that upon freeing Sōjōbō, he will grant her immortality as a reward. Within this societal turbulence, a handful of unlikely heroes find themselves leading the resistance not only to Rena Nakano’s greed, but perhaps saving the world from Sōjōbō, and ultimately death, altogether.
  Based on the real historical swordsman, Musashi Miyamoto leads this group through a plot teeming with deceit, violence, love, betrayal and sacrifice against a backdrop inspired by traditional Japanese lore. Rich with philosophical themes and generous subtext, Reborn tells a tale that asks the question, “What is freedom without free will?”
• Real-time weapon-based 3D combat emphasizing well-timed combos, special attacks, and environmental interaction.
• Extensive RPG elements: find and equip a large variety of gear, access a License Board system allowing the player to choose new skills using the element-based Wu Xing system, and install “Augmentations” to further enhance your abilities.
• Futuristic Japan setting that blends a traditional, naturalistic feeling with advanced modern technology.
• Action-oriented story featuring an engaging, cool cast of characters and visually impressive environments.
• Reborn features four distinct gameplay pillars: Combat, Stealth, Augmentation and Social Perception.

Gematsu has a nice big gallery of concept art and development assets to give you an idea of what the team is aiming for.