According to a
Famitsu interview (via
andriasang), the official release of the new Phantasy Star Online title has been pushed back to 2012. The game is being altered following feedback from the alpha testing phasing that started in August. A second alpha test is planned for early 2012, which is to be followed by a beta test before the final, official release.
Apparently the development team has reviewed 20,000 opinions about all areas of the game's design. It seem like there might be some massive revisions before the next version is tested.