Technically it hasn't been announced for western release yet, but considering how well the series has been received so far I doubt that XSeed will pass on the chance to localise this one...not to mention that according to Falcom themselves this third chapter brings the story to about 60% completion, so there are at least two more games waiting to be played.

Anyway, Sen No Kiseki III (Trails Of Cold Steel in the west) plays exactly as you'd expect from a game belonging to the series and developed by Falcom, almost to a fault in fact.
The game opens right in the midst of the action, with no tutorials or character introduction. In fact, the group you're controlling is composed by new entries against some old and new foes. After this opening sequence SnK3 takes a break from the action and drowns the player with a long expository sequence where we kinda learn has happened between this and the prequel. I say kinda because the focus is now on Rean (the series' protagonist), Altina, Towa (both returning characters), and 2 of the new characters. After that the game shifts to an introductory dungeon, where you're explained the battle system, again; then you're shown the shops around town, again; how to fish, again; how sidequests work, again; and then a few old acquaintances join the party...for how long I don't know since I haven't played past this point.
I get that veterans might use a refresh on basics and it's good to ease in new players, but aside from just two combat mechanics (one regarding Juna, a new character, that can shift stances in combat) there's nothing new to the system except the interface, and a lot of systems (like the sidequests) are the same throughout not just the Sen No Kiseki series but other Falcom games, and it'll be nice not having to sit through this kind of introductory parts.

Right now SnK3 really likes its story, and of the four-ish hours I've played most have been for character development and story progression, as this game introduces a new batch of secondary characters and lesser NPCs to an already huge cast, and while I might not be interested in green-haired-girl-that-goes-to-the-swim-club's backstory (she has a name, everyone has a name, but can't really remember it), it's the kind of world building that's dumped on you rather than easing you in...and that's from someone that played the previous games.
And yes, we're back to school with Rean serving as an instructor in the second Thors Academy for a new VII class.
The end of the world won't be announced by trumphets, but by the absence of a end-of-class bell sound in a JRPG.

So, I'd really like to describe how the game play but I haven't seen much, and right now I'd say "it's a Sen No Kiseki game". If you've played any of these before, or in fact previous Falcom games like Tokyo Xanadu or even the more recent Ys, you'll be immediately at home.
Battles are turn-based, with your party and enemies alternating turns, exchanging normal blows, spells, and special attacks. Overall the system recalls Grandia and Grandia II's, with everyone able to move freely around the battlefield and special actions with different areas of effect.
The only new thing in the combat is that Rean can spend Brave Points for party-wide bonuses, the rest (Links, Tactics, S-skills) play out the same.

Sen No Kiseki III also marks the first game that Falcom developed for the PS4 from the ground up, and it shows. Texture work is exquisite as always, with the new and very subtle bump effect enhacing just about every kind of surface. Polygonal count has gone up from PS3/PSV games, although animations are nothing new, with walking, standby, and other basic movements borrowing from many other Falcom games. SnK3 won't win any technical awards, but Falcom's art direction continues to shine through and through. And it runs at 60fps as you would expect. The game is also PS4 Pro enhanced, I think it will render at 4K just like Ys VIII but I'm still on a standard console so I can't be sure.
The PS4 also allows for shorter loading times and larger areas without loading screen, which is a huge plus.
SnK3 doesn't support sorround setups unfortunately.

Also, I think that someone requested to share video a couple of days ago while playing, but I have notifications turned off so I couldn't do that. Sorry.