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For people saying handheld, I highly doubt that Atlus is going to put the next main series installment on anything other than a console, and, although I'm less sure with this one, I feel the same about Persona.

I think that they'll find a home on either PS360 or Wii, so that their PS2 fanbase can migrate, and continue their trend of releasing remakes and ports on the PSP. Devil Survivor and Etrian Odyssey will be the series' that occupy the DS.

Continuing with the PS2 is also a very good option considering how well P4 did, but they're probably thinking of moving on, since staying on PS2 likely won't be a viable option for much longer.