I have some nitpicky complaints about this game, which I'm gonna lead with, I think it starts to run out of steam near the end, spoilers:
The build up to Shino could have been better, we know this guy is going to be the primary bad guy short of whatever god figure you need to fight(It is a Persona game), and you see the guy within the first hour of the game, but there's not a great deal done to connect all the dots in I guess a more obvious way before the end of the game. It all just sort of comes together and you've been getting played this entire time.
The game in general kinda runs out of steam in the latter half for motivations and such. Kamoshida? Asshole, felt personal, loved taking him down. Madarame? Asshole, felt personal to Yusuke, dragged us into it due to our inexperience in 2nd heist, and the slow reveal that he was a terrible human being was awesome. Kaneshiro? Uhh I guess he's extorting people? Not very personal? Also not sure why Makoto is so pissed. Futaba? Came outta no where, wasn't personal to any of us, sob story, didn't really care too much, at least her palace was cool and had great music, this is also when the game started to connect the dots to Shino in this roundabout way. Okumura, not personal at all, just going with the flow of the game, if Haru didn't exist I wouldn't even notice, worst final party member, at least Naoto in P4 was suspecting everyone for a while. Niijima Palace was cool, also personal since she's been interrogating you all game, maybe Makoto should have been the final party member? Would have made much more sense. I liked Shido's Palace for the atmosphere, but gameplay wise I'm not sure wtf they were thinking with so many straight line corridors and space. Mementos/God Climb was ok. Final Boss music could have been better, but then what tops "The Battle for Everyone's Souls," in P3?
While it was apparent Akechi was the mind breaker I was still disappointed with the development. I thought they were building up Ryuji for betrayal, which would have made for a better twist since he was always a little too energetic about changing hearts and wanting approval, but they went the other way(How cool would it be if the first guy you make a bond/fought with was a traitor).
I DID however love the twist with Igor, since hardcore Persona fans were complaining about his voice.
Final complaint: I did my first playthrough on Hard(Damage received: x1.6 - Damage dealt: x0.8 - Experience: x1.0 - Money: x1.0), and this was fine for a tougher challenge. I did my NG+ on Merciless(Damage received: x1.6 - Damage dealt: x0.8 - Experience: x0.4 - Money: x0.4 - Critical Damage: x3.0) and I turned it back to Hard. Atlus needs to re-evaluate that difficulty actually means. Making criticals more deadly and changing the weakness modifier to 3x is fine, but reducing EXP & Money gains by 60% is fucking retarded, grinding more exp does not make for a fun gameplay experience, and I don't give a shit if the intention is to keep you at a lower level, they'd do better off implementing a level cap per palace if that's their intention. They could give bosses/sub bosses more abilities that play around the fact the MC is a Overpowered on higher difficulties, increase the HP, give bosses another phase, but the hardest difficulty on Persona games has always pissed me off that they gimp the exp/gold gains to try to limit your leveling and block off skills from your party members and call it "hard", it sucks. It's a poor and obvious afterthought to an otherwise excellent series.
All of my moaning aside I really did love this game.
I think it's the first JRPG I've played through more then once that's come out in the last decade or so.
The art style is awesome, the MC is probably my favorite Persona MC design wise. The music is great(Life Will Change is probably Top 3 Persona songs for me), the combat somehow breathes lives into turn based combat gameplay and keeps you engaged. It's just a fun and well put together game.