Yeah, the Gundam arcade game with the wonderful panoramic cockpit is getting a PSP port. I've done some digging on this though and whilst the official site doesn't mention anything, a slew of Japanese blogs are reporting a release date of the 26th of March (which was subsequently picked up elsewhere). Whether this turns out to be true I would be personally inclined to utter "what the ****?!?" at this state of affairs. Surely, the team behind the really good Gundam game on the Wii would be ideally suited to this, as that was already first person and afforded a similar control setup to the arcade game. You could even do all the networked multiplayer stuff on the Wii and the system's specs are a closer fit to the arcade board than, let's say, a PSP.
I can only assume with the various Gundam games out on the PSP at the moment, all of which work very well admittedly, that Bamco Namdai has followed the numbers to reach the conclusion that more people want a PSP version, despite the functional fallout.