Arcade and PS3 version seem to be scheduled simultaneously. Famitsu has a preview in their latest number (something I'll track down while I'm in Japan) with only the PS3 being listed as a target home platform...which might mean that Chrono Phantasma won't be out on the X360 in Japan.
The online mode will be revamped, according to the interview in Famitsu to Mori (the series producer). 4 Gamer has a glimpse of the game. I wonder where they'll put Lamba/Nu and Mu (Mu's theorically dead but Nu was regenerating in a Cauldron at the end of Continuum Shift's timeline).
Andriasang: "Development on the home version of Chrono Phantasma is currently at 30%, Famitsu says. The home version is date TBA. The arcade version was announced late last week with a winter release time frame."