Naruto Ultimate Ninja 3 is set to slash its way onto the PS2 (and only the PS2) on March 25th, 2008. A quick summary:

Ultimate Ninja 3 makes monumental leaps in the franchise with a host of "firsts" for the series. Players can now live through and be a part of all the major events that defined Story Arc 1 in Heroes History mode. Also, ninja-in-training can customize their characters with the Ultimate Jutsu which gives them that extra bit of edge during battle and allows them to earn points towards upgrading their strength, defense, chakra, agility and other special abilities.

The first 2 games in the Ultimate Ninja series were pretty well received by the Naruto community, hopefully Namco is able to build upon past success and deliver a great experience.