3rd person view, loot, replay value i know pso2 is coming out but that might be online only and i need offline games
Err, the closest game I can think of, if you don't mind the lack of multiple party members, would be Mission Europa. The World isn't as open ended but it is pretty open, and uses a portal system similar to the PSO series (at least the first PSP game, the only one I've played). A game with a more open world, but less interesting combat, and generally speaking, just plain inferior, would be Xenome Episode 1.
Don't forget that Mission Europa is randomly generated, so every level, weapon, and enemy is different.
thanks for the recommendations the only problem i have with mission europa is you cant make multiple characters. will still play it though