No Fantasy Life 2 on 3DS instead it's coming to mobile (iOS/Android), Level 5's president explained the decision as such:

http://www.neogaf.com/forum/showthread.php?t=1027681

I’d say Fantasy Life has elements and mechanisms which adults find soothing. Although children play games on dedicated game systems, recently many adults have been playing on smartphones.

Hino also mentioned that “The supported hardware for this game was decided based on thinking of an environment where more adults play.”

Because adults are the ones that bought the original Fantasy Life

Quite a few developers have moved away from handhelds it seems (I recall EA saying something similar). At least in EA's case they're waiting to see if the handheld market sticks around.

Curious to see how the next generation goes.

I kinda do see their point, most adults refuse to carry around a separate dedicated gaming handheld.

But colorful/cartoony games are hits on mobile with adults (see: every second housewife and Candy Crush).

Getting an adult who isn't a gaming nerd to carry around a handheld is a virtual no-go.

Why not make a crippled phone version Fantasy Life Mobile and then a normal 3DS Fantasy Life 2? Whats the point in this nonsense  Level5?

Ha I mean Level5    rofl.

Bad news about JRPGs auto triggered Squeenix  sry xD

It makes sense on many levels, like it or not (pun not intended). The possible downside will be that they suddenly face a lot of competition on mobile for the very limited time that most "adults" have to put into games. There are already some real beasts established in the Japanese mobile landscape. I'm interested to see how this turns out.

This could be a very important moment in terms of the Japanese game development for the future. Other publishers and developers will be watching this closely.

What, you're telling me that Snack World is aimed at the same market?  That's interesting.

Exactly this. Tons of companies do it and it's done without alienating their fanbases. All the 3DS Fantasy Life users must be pissed off right about now and I can't see them appreciating a gimped mobile shit. 

Pretty sure that it's the micro-transactions that is the main draw, and not the audience. I haven't played Fantasy Life but judging by the footage I've seen it could probably be turned into a F2P title quite easily.