Getting back into PSO:

[Somniferous]

Haven't played PSO since 1&2 (dabbled with C.A.R.D). Is universe the newest one, or is there another MMO?

[milranduil]

The "newest" current online PS MMO is Phantasy Star Universe: Ambition of the Illuminus, available both for Xbox360 (US version) and PC (JP version).

[Bomber The Cosmonaut]

Yeah, PSU is the most recent console one. You can get it for the Xbox 360 (Used only, it seems.), you can also play the JP version on the PC/JP-PS2.

If you're willing to play an action RPG from the PS series on a handheld, there's always Phantasy Star Zero, for the Nintendo DS, and Phantasy Star Portable for the PSP, while the original requires a work-around to actually play online*, theres a sequel coming out for it in a few months, which will have online play.**

*PS3 needed for Ad-Hoc party, which takes your local multiplayer games online, you can also try out XLink-Kai, a program on PC which does the same as Ad-hoc party.

**The JP version of this game has been out for a few months already, and it works on any PSP.

[Lolitron]

I recommend playing:

Japanese Phantasy Star Universe (THEY HAVE A THING CALLED SERVICE AND UPDATES)
Waiting for Phantasy Star Portable 2 (WILL BE A GREAT GAME)
Phantasy Star Blue Burst (FREE AND HAS A LARGER POPULATION THAN PSU)
Starcraft 2 (NO MONTHLY FEES, WILL BE BIGGEST GAME OF ALL TIME)
Super Street Fighter IV (NO MONTHLY FEE, LARGEST FIGHTING GAME COMMUNITY)
Touhoumon (YOU GET TO RAISE LOLIS AND IT'S FREE AND IT GETS UPDATED MORE THAN PSU ON XBOX)
Pokemon White/Black (HAVE YOU SEEN THIS SHIT? LOOKS EPIC)
Barbie's House of Horrors (KEN + BARBIE = HAWT)
Tamagachi Pets (Z0MG!)

over PSU on Xbox.