I have never played the PS1 version of this game so I didn't know what to expect when I bought it for my PSP!
First of, I love RPG's but I do not love all of them. Valkyrie Profile is an ok title for the PSP. I mean, if you are looking for a decent RPG title for the PSP then Valkyrie Profile delivers. It's quite different from other RPG's as far as game play. There are no random battles - which can be good or bad - depending on what type of gamer you are. When you do choose to fight - your characters can do 'combo' attacks - which make the game a bit more interesting - but still - battle can get repetitive.
As far as the storyline - I found it a bit hard to follow and find out what to do or where to go next because you can't really just explore for the hell of it because you will be using up precious time - called periods if you do - and you only get so many periods in a chapter so there is not much room for error when planning your next move in Valkyrie Prolfile. That can be a bit frustrating. You will most likely be exploring cities and if nothing useful is found you will wind up loading a saved game to get your time back.
I kinda like the fact that there are no shops and you can create your own items when you need to - well at least while on the world map or in a save spot. It helps to have stuff already made because you cannot make them in a dungeon - when you may need them. You can also create weapons and armor as well as upgrade your members various skills.
The only thing I dislike about the characters you level up is that at some point you have to send them off to fight with Odin - so you lose them after you level them up and have to level up new characters that are lower than your other remaining characters! I kinda felt sad when I had to send off that lvl 8 warrior and replace him with a lvl 3 archer - lol - but it's all good. You don't have to send any character away - i suppose - but that would lead to you not getting one of the good endings - so BEWARE!
All in all - I am not too happy with Valkyrie Profile: Lenneth. It's an ok RPG but I thought it would hold my attention more than it is doing. I am still going to play it and try to end it but not with the enthusiam I thought I would have.