I just heard about it. It's being developed by Fatshark (yeah, I haven't heard of them, either), but if they learned from their mistakes and keep Tokuro Fujiwara as consultant, I'm sure we'll get a sequel that lives up to its expectations! The only thing we know about it is that it's going to allow the main character (Nathan Spencer closer to his BCR design) to jump. Only problem - it hasn't been announced for PC yet! The PC version of BCR was arguably the best experience, so it's kind of a shame it might be gone. This might be because GRIN designed it for the PC first, so Fatshark may be taking a different approach.
I guess Sephiroth's motivation for fighting is to find his backpack. ~ Kovvo