I've bought a PSP recently just for the backlog of RPG's, and I've been playing Valhalla Knights 2 obsessively for the last few days. I'm glad I bought a PSP just for this game. It's a Wizardrylike that focuses heavily on character/ party building.
As far as art direction goes, it's one of the most Western looking Japanese RPG I've seen for older consoles. Should be palatable for the RPGWatch crowd.
A few reviewers (morons) have dismissed the game for the very fast battles. It seems to me they didn't get the concept. Yes the combat flows very fast, so while you're only controlling one character at a time, not having to give orders to more characters is actually a relief. Because of how fast battles are over, the game puts more emphasis on strategy than tactics. Choosing classes, assigning attribute points and equipment/ consumables, and setting parameters for your characters is more important than either tactical gameplay or twitch skills (though having quick reactions doesn't hurt). Most of the reviewers I've seen obviously didn't even RTFM because they complained that battles are too fast to work your way through the casting menu; they seem to have missed the fact that you can assign spells to hotkeys.
It's not a game for everyone, but if you can stomach a Wizardry game that doesn't actually have turn based combat, I'd highly recommend it.
BTW I'm playing the original version. There's a version called "BattleStance" on PSN that seems to have a few changes. Also Valhalla Knights 3 seems to be a very different beast of a game from what I've read.
edit: gameplay trailer
http://www.youtube.com/watch?v=9Wut1eKNbTA
I forgot to mention, despite being a Wizardrylike, it's not FPP as you can see here.