Some of it's a bit hard to read so I'll try my best.
Takes place in 1937, 2 years after the events in Valkyria Chronicles 1. I believe it says an armed militia that goes by the name Gallian Reform Militia that is fighting for Darks equal rights or further discrimination (can't make out the kanji here) appears. The Gallian Military (not the people's militia) tries to quell the reform militia and fails, resulting into an escalation from an uprising towards a civil war. Can't make out the next part, but to try to turn the odds in their favor, it says something along the lines of the Gallian Government decides to throw the cadets at the Officer's academy into the front lines.
I'll update as better scans come along, but based off of context, I think the reform militia is anti-darks..however, i can't confirm.
edit @ 9:36pm
As the subtitle "Gallian Republic Officer's Academy" shows, this title's protagonists are officer candidates at a Gallian Republic's officer academy. The first news blowout will introduce you to the new characters around which the new story will unfold as well as the details of the new game system that has increased freedom and depth. Add to that, we also have an interview with the general producer, Tanaka Shuntaro (note, the producer for VC1 was Nonaka Ryutaro).
edit @ 9:42pm
You can select missions from the briefing room, find out details, then go into the mission. The game basically is a repetition of this, unlike VC1 where you only had one mission to choose from (except for the side-story missions which were optional).
Characters:
Evan Hardens
Zeri
Cosette Calhaus
That skimpily clad stupid looking Valkyria doesn't have a name given at this point in time.
edit @ 9:48pm
it appears that the system/price/release date info/etc says PSP adhoc mode compatible