Like others, I'm cautiously optimistic about Phantasy Star Ocean. I'm betting the gameplay will be fun, since it's Tri-Ace. And I have the same concern as Dice that if you have both an online and an offline mode, one is going to suffer. Try to please everyone and you end up pleasing nobody, right? I gripe about that in this old review of Ragnarok DS: http://www.rpgfan.com/reviews/ragnarokds/index.html
Forgive me for waxing a little nostalgic, but I reamember Phantasy Star in its early days was all about throwing the formula out the window and pushing the genre. The first Phantasy Star had a good storyline, developed characters, and *gasp* a female protagonist. Phantasy Star II took storytelling risks and had some moments that completely shocked me. Phantasy Star III introduced the generation concept where you'd play as one generation, continue the quest as the kid, then conclude it as the grandkid. Phantasy Star IV pushed the envelope with its manga-style cutscenes that still look really good today. I'd love to play another RPG that presents its story scenes using comic book panels like that. And the first Phantasy Star Online game paved the way for online console RPGing.
As far as sci-fi aspects go, not every Phantasy Star planet was a tech marvel. In fact, most of the planets were pretty much fantasy worlds with some tech aspects to them and interplanetary travel wasn't always easily accessible.