I'm also having second thoughts on this. I'm not even much of a DQ fan but if this game turns out like FFXXI or XIV I'm sure I don't anything to do with it.
I also wondered why this game was silent for so long. The answer is because they're doing it "in-house". If it were Level-5 it would probably have been released already. Well, at least it looks good, as good as DQVIII.
If this game comes to US & Europe I think like Monster Hunter Tri in Japan, Square won't try to charge people for it, considering it's not an MMO. If it is, then my hopes for this game being good (to me at least) is all lost.