Sega announced at TGS that Phantasy Star Portable would be released in North America in March 2009. Sega is hoping it will be as successful as it was in Japan, where it sold 600,000 copies (with some help coming from the overwhelming success of Monster Hunter).
The game feature wireless "ad hoc" multiplayer, and may take advantage of the new PS3 functionality of the PSP-3000. So far there has been no mention of a European release (surprised?).