Word of Gundam Extreme VS Full Boost first surfaced last week through Famitsu. Today, Namco Bandai made formal announcement of the game, and also shared a logo and an official site. Access the site here.
Namco Bandai's official announcement lists the game as a two-on-two team battle game that runs on the PS3-based System 357 arcade board. This was all true of the original Extreme VS game as well, so it's still unclear what we can expect for new features.
The official site has the text "2012 Coming Soon," so this presumably won't be a surprise year-end update to current Extreme VS cabinets.
First hints at an Extreme VS followup came through arcade information site AM-Net a few weeks back, which posted an invite from Namco Bandai for a product showcase that was scheduled for December 8. It's possible we'll get more details around that time.