Phantasy Star Online for the GameCube appears to be a port of Phantasy Star Online Version 2 currently in development for the Dreamcast. Among the new features in the GameCube version is a split-screen mode which will allow up to 4 players to play on a single machine (instead of online). I've heard conflicting report about online play from different sources. Some say that the 4 player split-screen mode will replace the online portion but I've also heard that online mode will ALSO be available with the release of Nintendo's modem or broadband adapters. We'll let you know as soon as we have more information on that.
Not counting the online aspects, the port of PSO from Dreamcast to GameCube was done in about a month. Now, either Sonic Team is even better than we thought or the GameCube's development tools are really easy to use and allow for very quick port from other consoles. PSO's launch date has yet to be officially announced, but I've heard that Sega wants to release it before the end of 2001. This leaves Sonic Team with plenty of time to improve the graphics to take advantage of the GameCube's power and/or add more features.
In the meantime, feast your eyes on 26 screenshots of the game running on the GameCube hardware. Our first GameCube RPG pics here at RPGFan. Enjoy!