In the official Phantasy Star blog, producer Satoshi Sakai announced that Phantasy Star Online 2 will be available on the PS Vita even if, so far, developmet of the port is only 10% complete.

The PC version screenshots used to promote the upcoming game were on the lowest settings as well, without optimization or shaders.

According to Sakai, both the PC and Vita versions will share the same online servers and the 2012 release for PC will not be held up by the development of the PS Vita port. In the video below, you can see some early game footage as well as an interview to Sakai himself.

http://www.youtube.com/embed/-5OMPhKLhXQ?feature=player_embedded