They're working on Persona 5.
"working"
It sounds like they are barely even in the conceptual stage of development. I wouldn't expect the game for another two years or late 2012 at the earliest. It really doesn't seem to be their focus right now.
As for this game, the only non Persona 4 character confirmed so far is Aigis. The game has ten to twelve characters at least so far (I do not remember if this is headed to arcades first) and it is called a Persona 4 fighter rather than just a general Persona one.
Persona 4 is one of my all time favorite games, but so is Nocturne and the DDS games. I really hope Demi-Fiend manages to be playable or maybe the boss or something. It would be really interesting. Same with Raidou.
The game is mostly fought by the users from what I can tell, but without videos, it is hard to say. The popular speculation, of which I also believe, is that the game will play similar to Capcom's Jojo's Bizarre Adventure game, in which you had a separate meter for summoning your "Stand" which would be a Persona in this. When summoned, you had unique abilities and the Stand attacked alongside you or for you etc... Relius Clover's moveset and style is directly inspired by Jojo.
Either way, I am very excited.
