PSP, no PSV. And it's not retro, the US edition of Summon Night 5 came out digitally on December 2015. There's even a physical edition scheduled for January 2016. In fact, the physical edition should have been out earlier, but after being postponed a few times Gaijinworks, the publisher, sent a code to download the game via PSN.

The Summon Night series isn't that know in the west, to my knowledge this is only the third game being localised, after Swordcraft Story and Twin Age (GBA and DS, respectively). Summon Night's original developer Flightplan closed doors wat before SN5 came out in Japan, and this is Banpresto's first attempt at the series.
Swordcraft Story and Twin Age are spin-offs and are action games, while the main series is turn-based tactical combat, so I don't have any comparison with the previous titles, only games from the same genre.

I've played for almost five hours, and I've enjoyed those. SN5 is decent, its main fault is in being a 2013 game published in 2015, so you can expect a certain clunkiness from the interface. Nothing big, but after the likes of Stella Glow, Kinki no Magna, and of course Fire Emblem, you will miss small things like skipping dialogues or selecting a weapon before the attack without going through two menus to first switch it and the attack.
Battles are on the long side because eemies have a lot of HPs and can hit as hard as your character, only that they have the numerical advantage; mission consists in the usual ganging on one/two units at a time before moving to the next. Characters aren't that unique in tactical terms, everyone has close- and long- range attacks (being them in form of weapons or magic), though they might have a different elemental affinty.

Summon Night 5 is kinda on the slow side, dialogues are long even when there isn't a lot of filler material, and unfortunately nothing can be skipped. There are a few choices here and there, with some of them being game-changers: the very first choice will determine what your Cross (familiar of sorts) will look like, his/its/her dialogues, and elemental affinity in battles. There are also two main characters to choose from, so replayability should be high.

Right now I cannot find any real trouble with Summon Night 5 except it feeling old in structure.