Combat is pretty much the same as in P3 and P4 though.
Playing on Hard I would say that the combat is straight up better. The bosses are back to form after P4. Negotiation is more fun than the roulette. Non party social links finally have an impact in the battle system. The balance of weaknesses, status and crits in way better.
The only thing that is disappointing is that Atlus cheaped out on shadow models. I hope the re-release fixes that and we get more varied mobs with a mix of shadows and personas.