We'll start with what you're probably interested the most: the name. Breath of Fire V: Dragon Quarter is what Capcom is calling their upcoming 'Survival RPG', previously referred to simply as 'Breath of Fire'.
While most of the known information on the game was reported back in May, there are a few new details about the game's setting and the lead character's name. First, as usual for the series, the main protagonist will be named Ryu, except in a new twist, he will have a number following his name, which is his 'World ID'. While this much was known, we now know that the number (which will begin at 1/8773) represents Ryu's strength, seemingly much like your standard 'levels' in other RPGs. Doesn't sound so weird now, does it?
Ryu works for a group called Ranger, which bears a striking similarity to a group Ryu belonged to in Breath of Fire II, called Rangers. Coincidence? Possibly. No story about a band of heroes is complete without an opposing group, and in this case, said group be called Trinity.
Finally, if you're wondering if most of the game will take place in underground cities, as witnessed by screen shots, the answer is probably yes, according to Capcom. The areas seen so far are being called 'Shelter', but there will be other underground areas as well, such as a subway named Life Port, and a dungeon-like area called the Lower Zone.
Breath of Fire V: Dragon Quarter is scheduled for release late this year in Japan, with a US release expected relatively soon after. Check out the links below for screen shots and artwork for the game, as well as the newly-revealed logo.