Lol, now it's more likely that we're going to see PE 3 for PS4 and Xbox One after what they've done now with Versus and KH3.
I hope that the new CEO hasn't been stupid enough to cancel it, since they said recently that they've cancelled and/or re-examined some games in development in order to appeal to the market's tastes. If they're going to continue with the mix of TPS and RPG, I hope there is a possibility that they haven't cancelled it. Making PE3 would also help to improve their image.
^^I think it would have to be marketed as a FPS/action game (whatever will be the latest trend in the future). With the last two games (PE2 and T3B), SE followed the current trends in order to make a profit (RE and FPS/CoD types). Vita could still be a viable platform for the game.
Then again, based on how they are still being manufactured in the US and Japan, there could be hope of seeing a sequel on a PSP.