The awesome Fukuoka based developers Level-5 are working on an undisclosed Capcom project, according to Inafune-san of Capcom, and Hino-san of Level-5:
original source: diamond.jp/articles/-/9391
What project are you hoping they're collaborating on currently, and if all works out well, what Capcom franchises would you hope they work on together in the future?.
A new Rival Schools RPG would be pretty awesome in my eyes, I've always thought that RS is great source material for such a game.
A fighting franchise leaning towards the RPG genre has been attempted by SNK in the past, with shoddy results, but with a seasoned RPG developer like Level-5 at the helm, quality could be assured.
A new 3DS game would be sweet, It could feature a new MP board game akin to the one in the Japanese version of Rival Schools 2 on Dreamcast.
A new Breath of Fire would be cool also.