This is AWESOME news for me, and hopefully there's some other people around here who still remember this awesome RPG from the PS era. It's honestly my favorite RPG of all time, so getting a handheld option for it is awesome. I'm totally downloading it to my PSP when it becomes available, and I'll play the heck out of it.
Also interesting is the note that there WERE plans for a sequel at first years ago, but for whatever reason, they fell through. That part of the news kind of sucks.