Very mixed reception so far for the news amongst Japanese and US/European fans.
There are three main beefs with Tierkreis:
1) It abandons much/all of the world which the first 5 games created, and the fans loved.
2) It changed too many of the Suiko series staples: 6 man party, spell system, weapon upgrading, millitary battles
3) Sound and graphic quality
Assuming it takes place away from the main series storyline, and that the PSP would provide the improved sfx/gfx the creators would have to add back in at least 2 or 3 of the other main game elements in order for it to be accepted by most of the the hard core following (in my opinion).
Still, great news in general... as long as it gets a release outside of Japan.