Wouldn't it be great if it's PSP2 for xbox live? Don't forget, PSP2 still hasn't been announced in English yet. Japan can have their PSP2 on their Playstation Portable. But us westerners (in general) prefer to play our online console games on 360. Cause lets face it, PSN sucks compared to Xbox Live. And I can't see playstation portable games selling as well here compared to Japan. (not to mention the limited community for an online game on that hand held).
But in general, this seems less likely to be a Phantasy Star game.