X Edge ("Cross Edge") will be developed for the Playstation 3 and will feature input from Capcom, Namco Bandai, Nippon Ichi Software, Idea Factory, and Gust. Players will control unique protagonists in the game and will encounter characters from (among other series) the Darkstalkers, Spectral Souls, and Disgaea universes.
From what has been described, it sounds as though the game will feature the "worlds are home to individual IPs" approach of Kingdom Hearts; each world will house unique monsters for players to battle . This month's issue of Famitsu Magazine in Japan has an in-depth preview, as well. X Edge is due out in Japan this September from Compile Hearts, but no one has offered to pick it up in the States yet.

Hope this will come state side!
Thank you Michael Thompson!