This game looks awesome and every Vita owner should look into getting it. Here's a little info about the game:
An action-heavy RPG set in the lush landscape of the familiar Ragnarok Online universe, Ragnarok Odyssey is a fast-paced game with a heavy emphasis on melee combat. The game is set in a world where humans and giants are pitted against each other in battle following the death of the world’s ancient gods. Based on Norse Mythology, the world of Ragnarok Odyssey will begin to take form as players advance through the story, with new areas opening up as their journey goes on.
In Ragnarok Odyssey, players will embark on a campaign to take down monsters and giants of massive scale, and characters can chain together massive combo attacks both on the ground and in the air thanks to the game’s extremely versatile combat system. Massive enemies can literally be smacked across the screen, and players can even up their speed and agility at the expense of HP for particularly challenging battles. On top of this, the game promotes cooperative gameplay, supporting up to four players for ad-hoc and online cooperative gameplay.
This game came out in Japan, and is being localized by XSEED for North America. I'm not sure about European/UK localization, but the US version will work on EU Vitas so that wouldn't be a problem. Here are some gameplay videos that show off the combat. It looks very Monster Hunter-esque which is awesome.
I already have this game preordered. I think this is one of the games that will really getting me using my Vita. One of the great things about this game is that there is online co-op play, much like Monster Hunter 3. This opens up the possibility of playing with SGC members and even events. If you haven't checked this game out, you really should. There is no confirmed release date as of yet, but Amazon has it releasing on August 21st. Hopefully it happens then, but I'm not going to assume it will because XSEED has not confirmed this yet.