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Lost Odyssey will never get ported to the PS3. You really should pay attention to what is going on around you. The title was exclusive to the 360, and its seemingly quite likely that Mistwalker is going to remain loyal to Microsoft so your hopes for a sequel on the PS3 are quite slim. I agree it is a shame some of my fellow posters aren't going to get to play this game, because it is really good.

I think the game is worthy of a sequel. I think it was a solid presentation all around, and most gamers on this site have expressed extreme satisfaction with the game. That said I think it is probable that the game will have a sequel as well Blue Dragon. Blue Dragon being more popular in Japan While Lost Odyssey is probably going to be far more popular in North America and likely in Europe.

Regardless based on the differences between Blue Dragon and Lost Odyssey its looking like Mistwalker is refining their formula. Would only make sense to carry through to sequels. Where they can naturally apply the lessons learned.