A preview has been released by Genjo:

Ghost Hound Trailer 1 (h264)
Ghost Hound Trailer 1 (Xvid)

Description from AniDB
Reality is a dream, the dreams of the night are real.

In the world of Utsushiyo (reality), the development of an electronic brain far far away and long ago allows two different worlds to overlap.

Within the last vestiges of Japan`s raw landscape, lies a small coastal town. In it live three middle school students: Komori Tarou, Ogami Makoto, and Nakajima Masayuki. Each holds within them a unique past that cannot be erased.

Once more, but by different causes, three people learn that by the extraction of one`s soul, the coming and going between Utsushiyo and Kakuriyo (hidden world) is possible. Amidst the boys` adventure in Kakuriyo, they come to understand where it is is connected to.

An eternal spiritual story is offered to the adults who possess the minds of boys.

At last, this fall, the curtain will rise!!
Original Work of Masamune Shirow, Script by Chiaki J. Konaka (Lain, Kino's Journey), character design from Oka Mariko (Jigoku Shoujo).

The trailer looks pretty good, lots of really strange looking characters, interesting setting, and it shows a lot of promise. I've always been a fan of the art style Oka Mariko used in Jigoku Shoujo, and GHOST HOUND looks even cleaner.