Just read this at 1up.com's Preview section tab on the PSP game.
"1UP: Can you explain the functionality between the PS2 version and the PSP version and how it works?
SS: Unfortunately, that won't be incorporated into the Western version. But just to describe what it does: You'll be able to take your character from the PS2 version, download it from the network, and upload it on to your PSP, complete with that character's weapons, armor, facial features, and everything.
1UP: Why isn't that in the U.S. version?
SS: Because of technical difficulties.
1UP: But PSU servers are still running in the U.S., right?
SS: Yes.
ARGH! That means that our current characters on the PSU Online won't get the special items!!
I wanted the Fluge, dammit! >:[
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