EPMsync tool between Project Server and Portfolio Server has been released on CodePlex
“Microsoft Office Project Server 2007 (Project Server) and Microsoft Office Project Portfolio Server 2007 (Portfolio Server) integrate via the Portfolio Server gateway. Data is exchanged by running either an import or an export from Portfolio Server. But this exchange is done in bulk and typically batched. There is a desire to have a more granular experience in near real-time. The EPMSync Solution Accelerator is a proposed solution to this problem. The EPMSync Solution Accelerator synchronizes Portfolio Server attributes with Project Server custom fields (and a set of project level built-in fields). The solution is made up of a Windows Service and a number of supporting applications.”