The original PS3 game actually was playable on the PSP via Remote Play. However, Q Games is now making a proper PSP version that's optimized for the small screen. For example, the camera is now zoomed in closer to the character. While this means less of the map can be seen at once, it makes seeing the towers and choosing the right ones much easier. It may take some time for PixelJunk vets to get used to, especially when the screen scrolls trying to follow you.
The amount of content being offered in Deluxe is almost absurd, making it the most complete version of Monsters to date. Not only does the PSP game feature allt he content of the original PixelJunk Monsters, it also adds the Encore island and a brand new island exclusive to PSP. Ten new stages are added, in addition to new enemy types and towers.