A Star Ocean game lacking in content? I dunno, considering SO2/SO3 were huge games I don't see this one being any different.
I don't know which team specifically is working in this, but looking at IU credits... I believe it's the VP2/SO3 team, probably.
Norimoto having a small role in IU leads me to believe he is doing game design for SO4 like he does with every big tri-Ace game. Also Kitao didn't have ANYTHING to do IU, he is the battle programmer for the big tri-Ace titles. I honestly don't know what the fuck happened with IU, the staff is composed by noobs and people that previously worked on Radiata. Aside from Ogawa (IU's director), Gotanda and Norimoto... the rest of IU staff are a bunch of unknowns.