Unless you think that playing as one character, then moving past him to play as your own to fight an evil organization (who houses the main bad guy, who actually turns out to be nothing but a pawn) is lame. Sound like Kingdom Hearts, a little bit? Did KH force you to participate in a planetary genocide? Did it cause an entire race of robotic beings to get hacked and run a space fleet into your satellite which crashes onto another planet? Face it -- Phantasy Star Universe is a cool and constantly changing experience. And the PSP is getting a port.
The port is basically that: Ambition of Illuminus on your PSP, with some added missions and story points. While there's no true online mode, you do get 4-player ad hoc play. Commence the groans. The port is being handled by Alpha Systems, who is pretty unknown. Check out the scan from Famitsu if you'd like and hope this hits shores outside of Japan.