P5 is a weird game. Very good, but lacking the magic. I think Hashino and co became too caught up the kind of crappy phantom thief stuff. If the narrative was stronger and more cohesive, then it would have probably been fine, but it was pretty weak and so much more the focus than in past games.
I'll be interested to see where Re: Fantasy goes. I'd really like them to get a better writer who actually knows how to write a good story though.
I actually like the phantom thief stuff from a style standpoint, although I agree that implementation could have been far, far better. I didn't want the game to be a refresh of Persona 4, but it's hard to deny that Persona 4 hit a good balance where the cast felt like real kids thrust into this weird supernatural mystery they weren't fully equipped to handle, whereas the P5 cast seems instantly natural in the phantom thief role. It's definitely a switch in perspective.
The game is really excellent, and the longer away I get from it the more I remember about what I like than what I didn't like. There was certainly a bit of overhype in the lead up, especially from the first Japanese impressions to the English release, but overall it's still probably the best game I've played all year so far. I have issues with dungeon length, but I really enjoyed many of the dungeons, and I still contend that dungeons 1-4 is
peak persona. The parts after 4 through 5 are a series low point, but I think the game finishes
really strong. Stronger than P4, in my opinion.
Overall, it's held back by a bunch of weird issues, particularly in pacing in length. There's a tight, well told story somewhere in here, but it got bloated out needlessly. I feel the long dev time might be a culprit here. The game's great and does a lot of things better than it's predecessors, but I feel comfortable saying it lacks the overall impact of 4. I suspect that's more a product of the fact that we've been here twice before now. It's less surprising than it once was, 4 was a paradigm shift for me, someone who didn't really love JRPG's at all. 5 was a known quantity, it was either going to meet expectations or fall short, I don't think it could be another paradigm shift.
My initial thought on completing P4 was "I absolutely want more persona". My initial thought on completing P5 was, "I feel done with Persona, but I'm very interested in what the team does next".