Considered to be the spiritual successor to the Shenmue series, the Yakuza games follow Kiryu Kazuma, a former Yakuza who's life was changed when he took the fall for a crime he didn't commit. The first Yakuza game was localized in 2005 for the PS2, and got generally positive reviews. The second game, also for PS2, wasn't localized until 2008, but still received positive reviews. I personally thought Yakuza 2 was excellent, and well worth the late localization.
After Yakuza 2, the fans were hoping for more There was Yakuza Kenzan!, which takes place in feudal Japan, but it's considered to be a side story. Fortunately, Sega announced a while ago that there will be a direct sequel to Yakuza 2. Yakuza 3 is currently a PlayStation 3 exclusive, and it certainly looks like it's going to take advantage of all the next gen goodness:
TGS 08 20 minute presentation trailer
The latest trailer, released a few days ago
Kotaku also announced that Sega has an official release date for the game: February 26, 2009. Also, people that pre-order the game will get a magazine about hostess bars.
Unfortunately, as far as I can tell, it's a Japan-only game. Hopefully, though, Sega will soon announce a US/European release date.
EDIT: One more thing. The theme music for Yakuza 3 is called "Loser" by acclaimed Japanese singer Eikichi Yazawa.
12/2/09: Kotaku has an article saying that there's going to be Yakuza 3 PS3 bundle for Japan. It's 80 GB, and includes the game and a ceramic white PS3 with dragon design on it. It's limited to 10,000 units and will cost 45,980 yen.
More importantly, two new trailers were just released:
Japanese Extended Digest Trailer
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