Having had a chance to play a fair bit of Persona, I thought I'd go ahead
and post my initial impressions.

Honestly, I wasn't expecting all that much out of this game.  Most RPGs
outside of the Big Three series (Final Fantasy, Lunar, Phantasy Star)
haven't been much more than agreeable timewasters -- the two exceptions
being Chrono Trigger (another Square game) and Vay (solely for the Working
Designs translation).  So even though RPGs are one of the few genres I
enjoy, I'm choosy.

One thing I'll say upfront: this RPG is one for the veterans.  It's
relatively tough, and the game mechanics are complex and initially
daunting.  If you're new to RPGs, I'd recommend waiting until the hint
book comes out.

I guess I'll go ahead and break this review up into sections:

INTRO: Serves notice that you're in the presence of something different
and just maybe a little special.  It's a very nice, evocative montage of
rendered artwork and photography which sets a melancholy mood and a sense
of place, set to some of the most beautiful music I've heard coming out of
a game.
Summary: I still watch it occasionally.

GRAPHICS: The game looks good, definitely next-generation.  Persona uses
three different graphic engines, depending on what you're doing.  There's
a polygonal, overhead perspective used to get from place to place in the
city, which is simple but effective.  (Though I kind of wish your
character didn't look quite so much like a Christmas tree.)  In corridors
and other 'dungeons' you get a nice Doomish perspective with clean,
attractive texture maps.  You do not move freely in these corridors but
are constrained to a grid, so those who are susceptible to motion sickness
should be safe here.  Finally, rooms within "dungeons" are portrayed in
the traditional tile-based isometric perspective.  The detail in these
rooms varies from nice to excellent.  Your characters are not
squash-deformed, which is a refreshing change.  (One quibble: navigating
the isometric perspective is somewhat less than intuitive.)  The character
portraits are well-done, though those of you who lust after huge eyes and
pink hair may be disappointed.  The graphics are all done in a
more-or-less realistic, rather than "cartoony" anime, style.
Summary: Not FFVII, but what is?  Closer in look to FFVII than to Suikoden
or Grandia.

MUSIC/SOUND: The music varies in quality from mediocre all the way to
phenomenally good.  Though it all sounds like Redbook or PCM, most of it
is system-generated (my boyfriend occasionally removes the CD to check --
of course, he does this while *I'm* playing...).  It sets the mood very
well, but doesn't feel as much of a piece as does the music in Final
Fantasy 3.  There's no spoken dialogue and very few cut scenes.  Sound
effects are fine overall, but the sound effects in battle scenes, both for
your characters and the monsters, are delightful.  (Just wait until you
hear Alana call out for her Persona like she's trying to get the attention
of a cute boy at school.)
Summary: It rocks.  If Suikoden's music is better, Suikoden is a musical god.

STORY/TRANSLATION: The story, at least so far, is one place where the game
stands out.  I say "so far" because, even at ten hours, I don't think I
have more than an inkling of how the story will unfold.  It looks like it
will be refreshingly free of many of the cliches that burden so many RPGs.
The game takes place in the "real" world, in a small town beset by very
strange occurences.  A group of high-school students have been fooling
around with a "game" called Persona, which seems to involve calling up
spirits.  Through this they discover the power of Persona, the "ability to
call on other selves within you."  (It's something of a cross between
multiple-personality disorder and demonic possession.)  This makes these
characters well-suited to addressing the problems at hand, which include
demons running amok, corporations building doomsday contraptions,
disappearing buildings, alternate realities, and two little girls who
might just be intimately related to one of your circle of friends.  And
I'm pretty sure that's just scratching the surface.  Not a game that could
be conceived and executed in America.  If playing fast and loose with
demonology offends you, give this one a pass.  (And, although the game's
rated K-A, I wouldn't recommend this one for pre-teens.)
The translation is good overall.  It doesn't read like the work of
native-born Americans, but neither is it Janglish; the occasional
less-than-idiomatic phrasing seems to just add to its charm.  The
personality of the individual characters comes through easily.  (The text
in battle scenes, when negotiating with the monsters, is less
well-translated than the rest of the game, though still not badly done.)
Summary: Excellent so far, though the story may not be for all tastes. 
Definitely different.

GAMEPLAY/MECHANICS: Battle is turn-based.  Combats are random, but (at
least so far) not overly frequent.  In fact, I think this game has less
combat than most RPGs of its sort, but then, the combat it has is usually
longer and more involved.
I won't go into too much detail on the mechanics of persona and magic,
because I want to finish this review and play some more...   It's
very different, very cool, and very complex.  It has a little bit of the
flavor of the Espers of Final Fantasy III, but MUCH more elaborate.
The most outstanding aspect of battle in Persona is -- you can negotiate
with monsters!  In fact, you need to negotiate in order to get the spell
cards you need to make new persona and cast new spells.  Different
monsters have different personalities.  Some are charming, some are
tragically pathetic, and some are just plain annoying.  Helpful hint,
though: although you can avoid all battles with a monster whose spell card
you already possess, DON'T.  Unless you're trying to get a spell card (or
the monster could kick your butt), fight.  Otherwise you won't go up
enough levels, and you'll find things even more difficult later in the
game.
Combat is complex and challenging.  Already some monsters can wipe out
your party if you're especially unlucky.  It reminds me most of Lunar II
(Eternal Blue) in this regard.  On the plus side, your characters
regenerate health and magic just by walking around, and most persona can
be used constantly without fear of running out of magic points.
Summary: Different, a lot of fun, but not for beginners.

OVERALL: Sony could learn a thing or three about what a good RPG is like
by playing this game.  The graphics are good, and the music is mostly
great, but what makes this game really stand out is its game mechanics,
its setting (fantasy is fine, but there's a bit of a glut), and its mood. 
And, although it's still too early to make a final judgement about the
story, it's shaping up to be unusually strong as well.

RECOMMENDED FOR: All veteran RPGers who are not liable to find the subject
matter disturbing or offensive.

NOT RECOMMENDED FOR: A first RPG.  Players under 13.  Anybody likely to
find offensive a non-Christian portrayal of demons.  (It's a Japanese game
with a Japanese worldview, after all.)

IN CONCLUSION: Excellent so far, well worth a purchase.  If the rest of
the game maintains the high standard of the first ten hours, the Big Three
will have to make room for a new contender.

(Initial shipments of this game were low -- the local EB only got four
copies.  Get your copy now!)