Seems more like you will keep your gear and levels and get to do that content again, unlike new game+ of single player games the difficulty wont really be adjusted and it's probable that there wont be many if any changes to the experience (like sometimes in NG+ more story/optional bosses are added). There will be some ARR changes, which is why that portion is delayed from the first release of the system, so technically that might feel a bit new/fresh from how we remember it (but I meant new specifically in relationship to using NG+, like sometimes games add some new piece of content because they can- or more extreme examples in Nier lol).
At the moment it seems best to see NG+ explicitly for the ability to experience the story again on the same character, with no other benefit. No new content (items, bosses, story), no rewards, and no difficulty increase (in fact it's probably going to be easier because instanced content is synced and not noted for increased in difficulty). More info could easily change some of those statements though~!
So bit further away from a single player new game plus concept, but it'll let you repeat old content if you wanted to enjoy some part of the story again. Of course things open for change as we get more info or as players request changes.
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