This quote is directly from this Advent Childern Site:

"The movie will run for somewhere between 70 and 80 minutes and will be released on DVD and UMD [for the Sony PSP]. It will feature a total of 20 characters, including the popular Cloud and Sephiroth, and is being developed by Square-Enix in conjunction with Visual Works.

It is expected to be released in Japan at the end of 2004, with a US release to follow shortly after [first quarter of 2005]. No word on a European or Australian release has been made as yet."

Hope this helps.