OH. MY. GOD. GA = TEH BESTAST.
Thanks to Famitsu there's some details on the upcoming GBA LUNAR title. Evidently in development under the name of "LUNAR: Legend" the game is being worked on and won't be a mere port.
Here's an excerpt of what The GIA had to say:
Graphically, the game is not just a simple port of the enhanced PlayStation. The FMV sequences have been replaced with stills of anime artwork, more akin to the original Sega CD version. Battles have been completely redrawn; characters and enemies are both nearly twice the pixel-size of the PlayStation remake, and appear to have many more frames of animation. Towns, dungeons, and field maps appear to be from the same top-down perspective. Interestingly, Lunar: Legend introduces a horizontal view with panoramic, detailed backgrounds for key story sequences. Luna singing at the lake and Alex visiting Dyne's gravestone are two sequences presented from this new "side" perspective. No information on sound was presented, but the limitations of the cartridge format make the game is unlikely to include voice acting.
The narrative is presented in large, clear text windows with a large number of kanji; not interesting in and of itself, but legibility concerns have made most previous portable RPGs shy away from Japan's complex set of Chinese characters. Various character portraits for each character are also present. Characters confirmed to be returning for this version include Alex, Luna, Nall, Nash, Mia, Ramus, Kyle, Jessica, Mel, Ghaleon, Laike, and Lemia. Phacia and Royce, two characters added for the Saturn and PlayStation, are also making the portable plunge.
There hasn't been any comment from Working Designs (the company that holds the rights to the English version of LUNAR,) on if the title will leave Japan.