The president of devCAT, Mr DongGun Kim, recently attended an event hosted by media website 17173.com over at China. He revealed that Mabinogi II: Arena is currently 70% complete, and will be able to show more information soon despite given no exact window.
The development team, comprising of staff from both NCsoft and Nexon (devCAT), is still working on finalizing some of the game details. Talking about the sudden change from the cute and lovable style found in the prequel, Mr Kim mentioned that it was intentional to have Mabinogi II give players a total sense of differentiation.
Mabinogi II: Arena is geared towards having an equal amount of content for both PvE and PvP, with players watching PvP matches able to just hop in and join the battle. I am guessing the next reveal will be at G*Star 2013 in November, with 2014 as the launch window in Korea.