GungHo Entertainment and Lunar developer Game Arts are creating a PlayStation Vita game with the Ragnarok Online license. Ragnarok Odyssey is quite different from the PC game, however.
The fate of the world hangs in the balance because of giant monsters. You fight them with a team up of up to four players. Ragnarok Odyssey, as described by GungHo, is an action game and going by the trailer it appears more fast paced than other games in the hunting genre.