Can do online.....With caveats.
I really enjoyed playing this game on the DS, so I decided to play on the big screen. I purchased this for the purpose of playing online. (Of course offline is fine too)You can play online if, you create a Konami ID with a Japanese address...and if you have someone in Japan purchase you some "WebMoney". I attempted to register a US issue credit card for payment, but was not happening... It wanted me to enter in a password for my credit card.. anyhow, WebMoney = Online play.
You can not chat with your opponents or form a party with your PSN freinds, so fail in that respect...
I only played one night so far. Maybe i will update if I find anything new that makes it more fun to play.