Only info I could find on the game and it don't tell too much.
Quote:
Live-based action, straight from Japan.
September 10, 2003 - The upcoming issues of Japan's favorite gaming magazines will be home to the announcement of Microsoft Japan's Phantom Dust, an Xbox Live enabled action title. Set in a sci-fi world, this game is said to look somewhat like Capcom's Devil May Cry. You'll be able to use up to 300 skills while fighting against three Online opponents.
We expect to see this title for the first time at the Tokyo Game Show, so stay tuned.
-- Anoop Gantayat, IGN
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