Can't really tell much about the game from the trailer. The style of the art and music, the exploration parts, and even the battles definitely look a lot like Persona rather than SMT. But I thought the same of Devil Survivor, and it turned out to be far more of a SMT game in tone than Persona ever was, so maybe it'll be the same here.
One thing I really do appreciate is how they didn't actually make this into a dumb crossover fanwank game. It seems like a brand new IP from Atlus with SMT elements, fused with presumably FE elements which Intelligent Systems requested (plus, there's FE in the title!). This is way more interesting than a bunch of SMT4 characters meeting up with random FE characters in some cross-dimensional storyline where they fight villains from both series.
Yeah it could also be partially outsourced. To who though? Tri-Crescendo? Media Vision?