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Valkyria Chronicles was a PS3 exclusive. Valkyria Chronicles 2, however, will be a PSP exclusive. That doesn't mean the series will stay on the PSP, though.
"The first Valkyria was on the PS3 because of all the features we wanted to incorporate into the game and we felt the PS3 was the most suitable platform, so that’s how we develop games in our team," said Sega in a Q&A with fans on PlayStation.Blog. "So potentially Valkyria Chronicles 3, or another title that we work on next might be on the PS3, it might still be on the PSP, we don’t know at this point."
Later in the Q&A, they confirmed that VC2 will have wireless ad-hoc multiplayer in both versus and co-op game modes. Unfortunately, they also revealed that the original Valkyria Chronicles' game engine isn't suited for Versus Mode so they won't be able to patch it in. "But if fans really want that, and the development team really feels that it would be a compelling addition to the Valkyria Chronicles franchise, then that might be when we create another Valkyria Chronicles game for the PS3."
Valkyria Chronicles 2 will be released in Europe and North America next summer. A few new screenshots are below.