Ragnarok Odyssey developer, Game Arts, are working on another PlayStation Vita game, titled Picotto Knights. This is a free-to-play brawler-like game where you move your character through its stages and fight off hordes of enemies. This promo video does a good job of showing how it plays:
As mentioned above, Picotto Knights will be a free-to-play game when it releases, and will have items that you can pay money to buy. The game will support online multiplayer through both Wi-Fi and 3G connections on the Vita.
Picotto Knights is scheduled for release on September 20th.