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Atlus already has like 5 upcoming games to be released before Summer 08, that could explain why they're postponing this (if they even have the intention of releasing it). I would also like to see Etrian Odyssey II released. Come on Atlus!
I emailed Atlus USA a few weeks ago about the chances of them picking up any other Growlanser games to release in the English market of the 3 that haven't been released yet and was told that 1 most likely won't be since it's a PS1 game, but that IV and VI have a very good chance of being picked up in the next few months.
Which I have to say is much better looking than the usual replies you get in emails that boil down to "We have no known plans at this time/Unable to say anything/Etc"
I mean it's nothing definite but it's nice to look forward to