The BlazBlue: Continuum Shift update that enables Valkenhayn on PlayStation 3 also introduces an annoying bug for Ragna players. If you use Ragna and Hazama or Ragna and Valkenhayn during in queue training while waiting for a ranked match the game will freeze after you find and fight with another player.
BlazBlue: Continuum Shift patch 1.03 is now online and it fixes this problem. So, everyone who purchased the Valkenhayn DLC can use Ragna and Hazama again.
Unfortunately, there isn’t any news from Aksys or Arc System Works about a Valkenhayn release date for Xbox 360 players.