Wild ARMs 5 QUick Update Two:
I've encoutered my first character "cameos" in the game. They're actually kinda lame.
In a train station outside of one of the first towns in the game, you see a guy dressed just like Rudy from WA1 ("Young Drifter with a quiet smile") and Kanon from WA2 ("Crimson Warrioress"). Not the actual characters, just people dressed like them. Kinda lame, really.
There was a much cooler referance to an earlier game though in a cutscene a bit ago - Volsung's ARM looks like and is named after Gram Zanber, Seigfried from WA1 and 3's weapon. The way he kills a soldier with it was also a visual referance to Seigfried killed Janus in WA3, which was also cool.
I'm just saddened that it looks like a number of these supposed cameos really ARE jsut glorified costume cameos like I feared.