FOMA phones have had competitive graphics capabilities and lower power consumption than the PSP since around the time the PSP launched, although their games' graphics are typically limited by the API and network content size restrictions.
N-Gage has established a platform for premium cellphone games in Europe and the US, and Square Enix will supposedly be supporting it. Also, Nokia phones share the same processors as many FOMAs, so new N-Gage compatible phones could likely be a target for Parasite Eve 3 if Square Enix decides to expand its release worldwide.