I wish there were more details available than the headline, but that's it. SoMoGa is responsible for the bringing the similarly fantastic old-school RPG Vay [$4.99] to the App Store, and we're expecting Lunar: Silver Star Touch to be of similar quality. We briefly chatted with SoMoGa at GDC, and the one tidbit that we can offer about Lunar is that it won't be a shoddy port by any means, this is a complete from the ground up touch-based port of the game, not a ROM wrapped in a mediocre emulator like Sega's offerings.
(Video of the PlayStation remake of the game.)
Originally released in North America for the Sega CD in 1993 and the PlayStation in 1998, Lunar was chock full of animated cut scenes, voice overs, and all the other fun stuff that they were packing on CD-ROM games at the time. We had a ton of fun playing Vay, and are totally stoked for the future release of Lunar. As soon as we get more details, you can be sure we'll post them.