That's what one person over on neogaf.com is calling Pier Solar, a Genesis/Mega Drive RPG (recently) created by a team of coders that go by the name of WaterMelon Development.
According to the game's official website, it began life (in 2004) as a homebrew mini-game. Eventually, its developers decided to turn it into a full-fledged RPG in the vein of Chrono Trigger, Final Fantasy VI and Phantasy Star IV.
Another likely source of inspiration: Game Arts' Lunar series, as evidenced in the following video (especially the battle scene, which begins around the 4:45 mark):
Copies of Pier Solar can be pre-ordered here for $45. (Check out this discussion thread at neogaf.com for more information on this intriguing game.)