According to this week's Jump magazine, tri-Ace is currently slogging away on a Valkyrie Profile game for the DS. Barely anything substantial is known about Valkyrie Profile: The Accused One, though three rather fuzzy scans have found their way onto the interwebs.
Murky as they are, these shots seem to suggest that the game will feature 2D sprites in an isometric game world, much like NIS' forthcoming Disgaea. We'll be playing as Wilfred, a young soldier with a grudge against the Valkyries who is given a feather by Goddess of the Underworld Heru, and who intends to use said feather to wreak revenge. It all sounds suitably overwrought.
Apart from that, we haven't the foggiest on how the actual battle system will work yet, but we do have scans, which you can find beyond the break.