After RPGamer posted this scan from the upcoming Shining Force Neo, Adrienne Beck had the chance to look some things over and deliver magic system details.
The particular "Rod" a character has equipped plays a key role in the game's magic system. First, one must have one equipped to use magic at all. Second, the kind of magic that will be available to the character in question depends on the Rod that character has equipped. Logically, weilding a Fire Rod enables the use of fire magic, the Darkness Rod yields Dark Magic, and so on.
One last bit of information that came forth from the scan was that, like most RPGs, casting magic will use MP. However, Shining Force Neo goes the route significantly less traveled by lending time-based MP regeneration to characters.
Shining Force Neo is scheduled for release later this month in Japan. No other localizations have been announced.