Right now a few hardcore Valkyria Chronicles fans are translating the 3rd entry of the franchise, Valkyria Chronicles III. The game was released last year in Japan on PSP and since the PSP is basically dead outside of Japan, we can stop hoping for SEGA to bring it over. But don’t fear, seems that the translation is going good.The team is working on a patch for the regular edition and also the Extra Edition.
Apparently lots of the main text has already been translated and the placing of the text on screen has been tested. The main issue right now is the character limits on the main menus. So how will it work? How can you patch the game? Sadly you will need to have custom firmware installed on your PSP. If you want to keep your PSP legit, you might want to hold off on hacking it since the team is working on a softmod that will only require a special firmware installed on your memory card.
If you want to check out updates on the project, head over to their official blog.