The development of this game is at full steam and the official website has been trickling out new information about the game for the past two weeks (as it only launched about two weeks ago). There is a good possibility that this game will get launched in time for the all-important Christmas holiday in one or more regions. (Much of the information available on the official site is also being added to the english Wikipedia for those that aren't fluent in Japanese.)
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Official Site (Japanese):
No More Heroes