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Yeah its pretty good. I've played through it twice.. its designed for those who like level grinding and gear grinding in their RPGs as there is alot of that to be done if you want to get powerful and have crazy damage weapons.

It supports local multiplayer as mentioned above and to go online is simple. Go to the Japanese PSN store and download Ad Hoc Party Beta. Its pretty small i think 20-40mb and install it into the PS3. Then on the PSP set network mode to Ad-Hoc and channel at auto. Load up the game and go to multi mode.

Load up Ad-hoc party on the PS3. Go to Server J room 50 (as thats where all the english players are) and look people to play Phantasy Star or any other PSP game like Monster hunter. Decide who is hosting then select join or host game on the PSP and people in Ad-hoc party can join. Pretty simple.