One of the earliest JRPGs on the original PlayStation was Wild Arms. For a lot of early adopters of the system, it was what kept them busy as they waited for Final Fantasy VII to come out. What they discovered, though, was that the game was actually pretty good. While simple, it handled 3D visuals reasonably well, and the Old West aesthetic was a setting that just wasn't coming into play in the genre (or any other genre for that matter). With that, Wild Arms became a reasonably successful series, resulting in five mainline games and a tactical strategy RPG. However, we haven't seen a new entry in the series since 2007.
Now there's reason to be excited as the series creator, Akifumi Kaneko, tweeted about meetings he was having with Sony regarding Wild Arms' 20th anniversary. Gematsu has a translation here, and it looks like the series composer, Michiko Naruke, was there as well. That's all we have to go on right now, but it does open the door to some interesting speculation.
Will this just be a remaster of one of the early games, possibly with some new arranged music tracks a la Final Fantasy X / X-2 Remaster? Maybe a bit of fanfare for the Wild Arms PS2 games before they become available on the PS4? If it was a new game in the series, I could see people being pretty happy about that. There've been rumors floating around that Sony has two JRPGs in development for the PlayStation 4 with one possibly by Level-5, but we don't know what the other is. For all we know, it could be a new Wild Arms.
For now, though, all we can do is wait and see if any more information trickles out. I for one wouldn't complain if the series came back. The Western theme always struck me as unique and the games are something I've closely tied with the PS1 and PS2. Star Ocean managed to stick around, making an appearance last generation. However, Wild Arms just disappeared. It could all be a pipe dream, but it would be nice if this is a beginning to actually reviving the series.