The CEO of developer Falcom recently interviewed with Dengaki PlayStation magazine, and the publication asked him a variety of questions regarding the status of Falcom and developing games, particularly The Legend of Heroes: Trails of Cold III. Not much has been heard about this next installment, and Toshihiro Kondo unfortunately had little to say about it.
That said, what little he did offer was rather intriguing.
The magazine bluntly asked for an update on the game, and it’s well on schedule.

Right now work is heavily underway. We plan to start going at full scale this summer, but we?ve already completed the basic foundation. We?re also making new models for Rean and company. However, for those concerned about hardware, there are a lot of PS Vita users when it comes to the Trails series. We?re currently considering whether to do a PlayStation 4-exclusive or to make it cross-platform with PS Vita.
So Trails of Cold Steel III will either go to both platforms or just the PS4, but the “cross-platform” phrase can be interpreted a few ways. Do they mean that it will simply be available to buy on both, it will feature cross-play, or it will be cross-buy" That’s a bit of the beauty of the relationship between the PlayStation 4 and Vita, and it can be incredibly confusing.
Regardless, there is a chance that this game will be a PlayStation 4 exclusive instead of appearing on the Vita as well, as its predecessors have done.
The interviewer further ...