This seems amazing enough that I can even understand the action a bit. Just gets a little complicated with all the weird magical moves. So, but yea it looks interesting enough for me to play it. I like guilty gear and this game seems to be just in the same family of fighting games. Here is Rachel vs Arakune fighting gameplay. I do not know exactly if the game has a background, but certainly the first time I have heard of it, so the characters are fairly new to me.
BlazBlue: Calamity Trigger for the PSP is an upcoming game that is yet to be announced for release. Published by Aksys Games, Inc, and developed by Arc System Works.