And have Naughty Dog, Platinum Games or Sucker Punch make it since SNK development is all but dead atm...
Basically it'll be an open world episodic action rpg using three characters at a time like say Kula Diamond, Maximo, and K', with a sort of Alpha Protocol world mission based scenarios. Taking cover like a third person shooter at times might even be necessary but instead of using guns, you can platform to other areas and get the stealth jump on enemies or use Maximo's powers or Kula's ice attacks.
You will be able to switch between characters at any time a la Trinity: Souls of Zill O'll, Tales, F Versus XIII, Dragon Age etc and use that to chain team combos together and set environmental traps.
You can also commandeer enemy trucks and bikes
Visit towns and stay at hotels and day to night real time schedule
Then when their chapter ends, they meet up with the next set of three character of whom you battle with then take over in their story. --- (\__/) (='.'=)