Arc wasting no time unveiling their next game now that P4 Arena is out.
Three new characters unveiled. The first one appears to be BlazBlue's version of Bridget from Guilty Gear.

Noel has been redesigned and now has a shotgun.

Arc System Works has announced the next entry in the BlazBlue franchise, BlazBlue Chrono Phantasma. The arcade sequel features three new characters: Amane Nishiki, Bullet and Azrael. Other features include new and updated backgrounds, new and updated background music, and new skills for current characters.
View a first trailer below. Chrono Phantasma will hit arcades in Winter 2012 and will go on location test at Akihabara's Hey arcade from August 6 through August 12.