From what we know about Console launch, it's looking like Chrono Phantasma will only be available for the PS3, and the release date is to be announced.
Chrono Phantasma storywise, takes places a month or two after the events in Kagutsuchi, and mostly takes places in the Ikaruga Federation. CP also introduces the androgynous performer Amane Nishiki, the mercenary girl Bullet, and Sector Seven's mad dog, Azreal, and Tsubaki's true form, Izayoi. Returning characters have had their past move properties altered, and new moves added. Noel also has a new costume, and Tsubaki has a new default color scheme.
The Overdrive function has also been added to replace gold bursts, which in essence, powers up the character's drive attacks or move sets in some way. Guard Primers have also been removed for the Crush Trigger. With 25 Heat, you can preform a move that crushes you're opponents guard, and can deplete the Barrier Gauge.
I think that sums it all up.