What’s their background?
Tri-Ace exclusively develop console RPG’s, they're the guys behind the Star Ocean series and have crafted titles such as Valkyrine Profile 1 and 2 for the PS1 and PS2 respectively. Infinite Undiscovery will be their first venture into the next-gen RPG.
What makes it great?
Battles seem to take place in real-time, allowing you to move around freely and plan your next attack. The environments will also change and respond to the player's and enemy's actions, so throwing fireballs into the ground will cause it to change shape during a battle.
This sounds extremely interesting and is just one of the 10 years' worth of ideas from Tales of Phantasia creator, Yoshiharu Gotanda, Infinite Undiscovery is said to contain. Yoshiharu has also stated that he isn't satisfied with the way current RPG’s work and wants to move things forward. Watch this space.