"Actually, it looks like there's an IP risk on one of the titles so the IP group won't let us re-release it on PSN. We've been trying to see if we can get that resolved but it's going to take a long time."
Sven could not disclose which of three Legends series titles is having trouble, however, we're led to assume that one or two of the three titles (MML1, MML2 and The Misadventures of Tron Bonne) are good-to-go as is.
What kind of IP risk? It's been long speculated that it had something to do with the contracts and legalities of the original voice actors, but this isn't the case:
"The issues I'm speaking of are not audio related but I can't elaborate more unfortunately."
My two cents: Mega Man Legends 2 is secure for release. For weeks now, Capcom has made a habit of releasing Mega Man Legends 2-themed avatars on PSN. Catering specifically to MML2 -- ignoring goodies themed after L1 and TMOTB -- may signify the coming of the game itself on PSN in the very near future.
Just one of those wait and see things, I suppose.
Source: Ask Capcom