Yes, I think it is because I got that from sega-ages site
http://sega.jp/ps2/ages32/
(It's the same as the "next title" cover (I mean, the background picture is the same) but they added the main characters instead of "phantasy star" logo.)
I like it as well since is the first time characters are in "anime" style on a PS game cover. Besides I think Chaz is a very difficult character to draw (and he's not bad here) and I also think that Rolf is better here than in PS2-remake.
Elsydeon is a bit short, but overall very nice.
I thought the same
"why is chaz holding a toy? I hope is one of those from Termi... no wait is Elsydeon! It must have an 'eye of thundera' on it."
I was hopping to see the other character’s swords to compare to elsydeon and see if they were the same or not, but they didn’t fell for it.
unofficial cover