BlazBlue: Chrono Phantasma, a new game, has been announced via twitter and BlueFes2012. The game will feature three new characters; Bullet/Barret, Amane, and Azrael. Hazama is confirmed to have a new distortion and several characters will be receiving new moves, sprites will be redrawn (Noel Vermillion will be hat-less with a different weapon, for example).
Tsubaki Yayoi will have different, darker colour scheme to reflect her changes within the story, and it seems there will be new BGM.
No release date has been given yet, or even a vague idea of how far along the game is, apparently, but more details should be released in the coming weeks.