From 1UP -  http://www.1up.com/do/newsStory?cId=3175351

Irem Software Engineering announced in Japan this week that a sequel to portable strategy game R-Type Command is in the works. The wondrously-titled R-Type Tactics II: Operation Bitter Chocolate is due out for the PSP in Japan on October 29 for 5040 yen; no US release details have been announced.

Previous R-Type titles have chronicled the battle between the human race and the mysterious Bydo aliens. This one takes a detour by depicting a war between two human factions -- the people of Earth, who have continued to develop the Bydo weapons they've seized from the enemy, and the Granzela Revolutionary Army, who resist Bydo-tech and instead have worked on their own weapon tree.

The gameplay of R-Type Tactics 2 will be largely the same as before -- the battlefield is a chunk of side-view space, and you move units around and issue orders in order to defeat the enemy fleet. There are over 200 units in this game, double what was available in Command, and you'll have a few extra abilities up your sleeve, like the power to seize enemy ships and send jamming signals to confuse enemy squadrons.

More as it comes.

July 29, 2009 - Did you enjoy the strategic gameplay of R-Type Command? Then get ready for more! Famitsu reports that R-Type is coming back to the PSP, and once again its in the form of a strategy game rather than a shooter.

Titled R-Type Tactics II: Operation Bitter Chocolate (in Japan, the original was known as R-Type Tactics), the new game will arrive in Japan through Irem on October 29. Players can look forward to a branching story line based off the selections you make during the game. Irem is also upping the content and strategy, with double the units and additional commands.

Multiple players will be able to tkae part in the fun again. The game promises ad-hoc battles along with cooperative missions. Additionally, the game will support game sharing for competitive play, just in case you don't have enough copies to go around.

Irem is also planning something new for the game: downloadable missions. It's unclear at present if these will be paid or free.

Tactics II will be released simultaneously as a retail and download game. The retail version will run 5,040 yen with the download version going for 3,800 yen. Those who buy the retail version will be given a bonus soundtrack.

While Sony has been releasing day-in downloadable versions of its own games for some time now, this is a rare case of a 3rd party doing the same. PSP go releases in Japan on November 1, so this could become a more frequent occurrence.

http://psp.ign.com/articles/100/1008672p1.html

First trailer is out -  http://www.youtube.com/watch?v=hkdQg5H_G7A&eurl=http%3A%2F%2Fblog%2Elivedoor%2Ejp%2Fod3%2F&feature=player_embedded

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Yeah, the art is unmistakably Irem. It was always that way as far as I can remember, I really loved playing their SHMUPS in arcades back in the '80s. Not only R-Types, but stuff like Image Fight or X-Multiply as well.

First pics:

There's still PSP games left to announce???!!!

Wow, so I guess they were pretty happy with it.