As far as I know, the PSP version is pretty much a straight port of the PS2 game. But it wouldn't be in english (not sure if it would be in Japanese or Korean).
But it's not really worth the effort because it's terrible.
The battle system is very slow paced since only one character can do one attack per turn (I get the general impression that it's a better idea to switch to the counterattack oriented style so you can get more attacks in, although you have to memorize the reaction commands for each element) and there's an extremely obnoxious elemental chi system that pretty much ruins the battle system. Every attack consumes a small amount of chi from the area, and when it runs out you can't attack until it regenerates after some time passes which depends on the area you're in and what chi lanterns (which you can change the element of by burning talisman spell items in them, though if you try to switch to an opposing element it simply explodes) are supplying the area with chi. If an area isn't abundant with a certain element that means you'll probably only get 2-3 attacks of the same element in before having to wait for it to recharge. Further complicating things is that characters are limited to certain attacks by what scrolls they have obtained, they go straight down the list performing each attack in order and you can't skip an attack that there isn't enough chi to perform you're forced to either switch to a different scroll or a different character.
Also, you can't run quickly through areas, since it limits your visibility to a couple feet in front of you and guarantees that you'll get preempted by the enemy when you run into them. So you have to walk slowly and methodically through each area.
Also, the splitting between Calinitz and Reith's parties are implemented pretty poorly and bogs down the game pacing even further. as Reith's sections pretty much involve backtracking or retracing your way through areas you've already explored with Calinitz's party. Last time I tried playing it I remember slogging through a 4-5 hour long dungeon with Calinitz's party, watch a minute long cutscene, then slog through the same dungeon again with Reith's party to get her back to the same point in order progress the story. I think I had somewhere near 70-80 hours on my file and was still only about 2/3rds through the game.
If you're interested in the series at all it's probably better just to skip to Magna Carta 2 since while I haven't played it, seems to be better received and is modeled more after FF12 than FF10. And there's dozens of better PSP RPGs you can play without having to import.
Don't know anything about Phantom of Avalanche other than Calinitz and Maya are in it and Tears of Blood was a prequel.
(edit: err... I guess you already have them so what I said to warn you doesn't really matter >_>)
Post edited February 11, 2012 by mrcrispy83