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The game has truly been released (you never know, sometimes they push back games at the last minute), and from what I can tell, the 'treasure hunt' competition has replaced the 'ball breaking/tower climb' thing from the original game.
The four teams from the original game return, and are joined by several (I think almost 8?!) more, including teams from each of the Kunio-kun sports games. Of course, there is also an edit mode where you can create your own team.
Good question, so far as I know, Arc System Works develops these games, Million just holds the rights to the characters. In fact, I'm not even sure what Million is, besides the company that acquired all of Technos' old IPs. I'm pretty sure Super Dodgeball Brawlers and this game are both developed by Arc System Works, while River City Ransom EX and the old Kunio ports for the GBA were developed by Atlus.
I do know that this game includes old BGMs from the series, which would suggest that Million is providing more than just characters and names now.