Actually, it's out in Europe! A no-brainer at euro 2.99, it's not quite as good as the PSP original, but there's some fun stuff there. It's a bit messy and not that easy, as they're a tricky bunch to control ... Seeing the scores though in the online scoreboards, I guess you can figure them out quite well.
It's cute, but it's a bit crowded for my (and even our) taste. I'd still have loved 'regular' loco roco on the big screen with basic tilt controls.
Right now you use the tilt for controlling the mui mui controlled devices in the game world, and for the rest you just fly your butterfly around with the analog stick and call the locoroco with the circle.
It remains merrily original though, and is still a fun addition to PSN and I think especially if you don't know the PSP version, there's a lot of fun to be had. The PSP game is a more rounded game though. This is, well, different. But great value for money! (euro 2.99! they might as well have made it free!)