Pretty sure that the team on that it's Monolith's crappy B-team. duckroll seems to think so anyway, and he'd know.
It's from Soichiro Morizumi, his previous games were Namco x Capcom and the Endless Frontier SRW OG Saga games.
Only the first Endless Frontier was localized but his games revolve around the same combo system despite the company crossover games being SRPGs and the Endless Frontier games being more traditional, so whether or not you like his games will depend on how much you like that combo system.
I wasn't a fan of Endless Frontier my-self, all I remember now though is that I got bored and put it aside.
Three teams. The X Zone team, the dudes under Honne at the recently established Kyoto studio working on something for 3DS, and the Xenoblade guys at Monolith Tokyo doing the Wii U game.
duckroll said it best, they don't really operate in teams anymore but dedicate resources where they need to. You could easily see how the company worked under Namco and reasonably come up with teams, but their development model was clearly changed when Nintendo acquired the majority share and "teams" really can't be applied to their current structure outside of Morizumi who's only worked on his 3 games (4 with the upcoming Project x Zone).
I think you're right in saying they have three projects going right now by those people though. Using the interviews on their site it's safe to say there are projects from each of these sets of people:
The Wii U Project by Tetsuya Takahashi and Koh Kojima (Xenoblade game design/director) -
http://www.monolithsoft.co.jp/special/interview/vol09/vol09_1.html
The 3DS Project from the new Kyoto studio by Yasuyuki Honne (Baten Kaitos director) and Hiroshi Uchiyama (lots of modeling credits including 3D Character Director for Baten Kaitos) -
http://www.monolithsoft.co.jp/special/interview/vol10/vol10_1.html
Project x Zone by Soichiro Morizumi and Koji Ishitani (producer of the Morizumi games I mentioned above) -
http://www.monolithsoft.co.jp/special/interview/vol02/vol02_1.html
They're not limited to one each, Takahashi could definitely have more than one since Soma Bringer and Xenoblade were both developed under his wing. They could also have a group of people assisting with the graphical design on another Nintendo project like they did with Brawl and Skyward Sword. They're able to do all this because there are no teams, they simply allocate their resources accordingly.