It isn’t clear if this is a PSP port of Earth Defense Force 2, a PlayStation 2 game, or a brand new game. Details should be coming soon when D3 Publisher’s countdown clock ends.
For now check out these screenshots of the spider smooshing, ant zapping, man vs. chitin exoskeleton game.
Update: Apologies, the screenshots previously posted here were of Earth Defense Force: Insect Armageddon. These are the correct screenshots. Earth Defense Force 2 Portable is a PS2 to PSP port with ad-hoc multiplayer.