Thanks to the good folks over at Pure Nintendo, we’ve got some details translated from Japan’s Famitsu magazine. I have yet to play a Monster Hunter game, but given the series’ massive popularity in Japan, and the possibility of 4-player co-op? Count me in. Check after the break for all of the details.

• The concept for the game, according to Tsujimoto, is to restart Monster Hunter from scratch, filling the game with new ideas. The switch in platforms from the PS2 to the Wii was one of the reasons for this big rethinking of the series, Fujioka explained.
• Monster Hunter 3 takes place on a new, unexplored island: thick forests, dark caves, deep/underwater environments
• Players have full swimming controls for hunting underwater as well as fishing for use as ingredients
• Ability to use long-range weapons underwater, and most land-based actions
• Air Gauge while underwater, similar to stamina gauge on land (depletes over time)
• Caves can be explored using light from torches, otherwise too dark for hunting
• All new monsters as well as some from past versions with added ‘freshness’ to them
• One creature getting lots of attention: giant underwater dragon known as ‘king of the waters’. He is the game’s main monster.  He can survive on land, so players have choice of where to fight him
• Online component: Online mode played in 4-player groups like the older PS2 installments
• MH3 retains concept of a ‘city’ which acts as lobby for chatting and meeting with other players
• When playing single player, the city slowly expands with new facilities and access routes to other areas of the island
• Game will be playable at TGS 2008 starting October 9

Thanks Justin!