
Touhou 14.5 has been properly revealed. It is another collaboration between Team Shanghai Alice and Twilight Frontier. A demo version of the game will be released at Twilight Frontier's booth シ-29a at Comiket 87 (Dec 29). The demo disc will cost 100 yen.

The game's title is:
東方深秘録 ~ Urban Legend in Limbo. It will be a sequel to 2013's
Touhou Shinkirou ~ Hopeless Masquerade.The main title is probably pronounced "
Touhou Shinhiroku". It is a pun on 神秘 "mysterious; occult", with the kanji 深 "deep" replacing the kanji 神 "divine; mystical", leaving the kanji 秘 "secret; hidden". Thus the title can be understood as "Oriental Record of Deep Mysteries" or "Oriental Record of Deep Secrets".
Official site:
http://www.tasofro.net/touhou145/index.html(Unfortunately, due to some sort of IP blocking mechanism, you may need to access the site via a proxy if you are from China, Korea or Southeast Asia.)
Highlights of system requirements are:
- A multicore CPU 2GHz or above;
- A display device supporting the 1280x720 resolution;
- 200MB of hard drive space.
UPDATE 1:
A screenshot from the official
blog shows a fight in front of Kourindou:

The building to the left was not there in Kourindou's previous appearances. Has Rinnosuke gotten rich or something?
The jewels under the time countdown should be the "Occult Balls" mentioned in the Digi Game Expo flyer. Some say the time clock somewhat resembles the Dragon Radar, in keeping with the Dragon Ball reference.
The wooden strips shooting out of the gap are
sotoba, Japanese grave markers. Wasn't this used to be Yukari's attack in SWR?
The demo version will feature some characters and the beginning of the Story Mode.
UPDATE 2:
Research: some sources of Rinnosuke's posters.
http://tieba.baidu.com/p/3485574995UDPATE 3: Release day
The poster:

The disc:

UPDATE 4:
Controls:
Z - Melee; X - Shoot; C - Special; A - Spell; S - Flight.
Movement system comparison by
Ninniku, an artist and top-ranking Suwako player, with translation by
monhan:
Read from Left to Right
HM:

You can move upward and downward while dashing
The dash is the same, whether you're in the upper, middle, or lower part
You can maintain the same latitude while dashing.
You can still "jump" up and down even if you're in the upper or lower part
ULiL:

You cannot move upward and downward while dashing, instead pressing them will make you jump
The dash will be different depending on your latitude. You also cannot jump unless you're in the middle
Dashing will force you towards the middle. And since you cannot jump, it can't be braked(you can't stop the fall to the middle line).
Unless you use the flight button, jumping in the upper or lower part is not possible. But since the dash is not limited, you can make a zig-zag movement.
New game systems:
Each character has an Occult Special, released when possessing at least one Occult Ball by holding Special button.
There is a new "Fast-talk Declaration" system, which costs one Spell Gauge to interrupt the current action and declare your spell card, by pressing Spell button rapidly twice.
Kai Last Word: The "kai" here can be translated as "strange", "weird", "bizarre", "abnormal", etc.
Mystery Spot: similar to weather, these are the effects caused by the Occult Ball.
1. The Pyramids: Both side's Occult Specials are at maximum power.
2. Stonehenge: The playfield becomes gradually narrower.
3. Babel Tower: When touching the Occult Ball, the Ball can be used to attack the opponent
4. Yomotsu Hirasaka: Reduces stamina the closer one is to the stage center; all damage incurred during the effect period disappears when it ends
5. Nazca Ground Painting: Each time one touches the Occult Ball, one's stamina and Spell Gauge will be restored.
6. Hell Valley [a volcanic scenic spot in Hokkaido]: Turns the bottom of the screen into a damage zone; characters are harder to see.
7. Lunar Capital: Reduces bullet speed (some are not affected)
Reimu
神秘!結界の巫女
Mystery! The Shrine Maiden of Kekkai (Boundaries)Name of Occult Phenomenon: "Gap Woman"
Gap woman is an urban legend already in existence in Edo era, which Yukari is partially based on, about a woman in red watching people through a gap.
Occult Special: "Gap of the Great Hakurei Boundary"
Kai Last Word: *There's a shrine maiden in the gap!*
Marisa
恐怖!学校の魔法使い
Horror! The School MagicianName of Occult Phenomenon: "Seven Mysteries of the School"
Occult Special: True Horrors of the School (rotates through different objects)
Kai Last Word: *So great! Ms. Hanako of the Toilet!*
Kasen
脅威!願いを訊く仙人
Menance! The Hermit Who Listens to WishesName of Occult Phenomenon: "Monkey's Paw"
4 or 6 + Special: 彭祖 Houso
Houso is Kasen's tiger, seen in WaHH, named after Peng Zu, a
famous figure known for having lived 800 years in Chinese traditions.
8 + Special: 竿打 Kanda
Kanda is one of Kasen's eagles seen in WaHH. The name means "beaten by a bamboo stick", as he is named after a hermit in Japanese legend who flew too low and got beaten by children with a bamboo stick.
2 + Special: 務光 Mukou
Mukou is Kasen's Raijuu (thunder beast), adopted in WaHH. Named after Wuguang, an ancient sage mentioned in Zhuang Zi, who would rather drown himself than accept the throne of China.
As you can see, Kasen's pets are all named after figures in Taoist hermit lore.
Occult Special: "Inescapable Monkey's Paw" (keep pressing the button to extend the arm, can be controlled with up and down buttons)
Spell Card: Dragon Sign "Dragon's Growl"
Kai Last Word: *Monkey's Paw! Crush the enemy!*