Things I hope to see:
-A location with many places to explore, but NOT open world. That trend can die in a fire
-Personas being as diverse as Pokemon yet even more amazing. Give them more unique attacks with unique effects, and make more unique Persona attacks. Make it so these attacks can be passed on to other Personas. Hopefully, add in many more Personas. Bam, all of a sudden Personas become almost as varied as Pokemon and collecting Personas becomes much more entertaining; Personas become much more unique, even on an individual basis, to boot.
-Personas having lines of dialogue with the MC while in dungeons with a variety of things to say, doesn't have to be voiced. Kind of like SMT's demons having unique dialogue. I've always wanted to hear snide commentary from Thanatos or wisecracks from one of the Frosts as I dungeon-trek.
-More logic in the jobs you can take and make them more varied; in Persona 4, Junes seems to be chronically understaffed yet you never get an option to work with Yosuke and Teddie. Working at Moel, Marukyu Tofu, or Daidara's workshop would have been cool and there could be some decent perks to make the choice of working somewhere hold some weight besides boosting social stats.
-Multiple paths/endings, if only because I want to replay this game as much as I possibly can. But please, let there be a canon ending to avoid confusing the overarching plot, which is frankly already fairly muddled.
-More than one option per Arcana for a SL. While I enjoy my completionism, I'd be happy to trade it off for the chance to make a mixed run of things with different people to talk to in my S-Links if I decide to go about things differently. Limit of one S-Link per Arcana, and I'd still be able to max out the 20/21/22 Arcana in the game anyways. There's always New Game+ for the ones I'd miss. Different ultimate Personas based on the S-Link chosen would be awesome too.
-The ability to send out a second party into a dungeon. Having my team lounging around doing nothing makes no sense; I could have sent Mitsuru, Junpei, Ken, and Koromaru into Tartarus while I took Akihiko, Yukari, and Aigis with.
-The ability to take the role of the Fuuka/Rise equivalent with certain Personas, and also give the Fuuka/Rise equivalent the ability to fight.
You could direct the party as a whole through a dungeon while they run in a diamond formation instead of just controlling the Protagonist, and reel off battle tactics to them in real time once the actual combat engagement starts. Not necessarily direct commands every single time, but general tactics, with the occasional ability to throw in a direct command, and an order(absolute), as well as to intervene at times with support like Rise, 'cept on 'roids. 'Cause protagonist. Make it so that if I spam too many orders my party gets confused and Shadows get the chance to go on a rampage. Give them an All-Out Attack equivalent too, because why not. Also make it so that if my entire party faints, I have to go in to rescue them. Persona + limited strategy? Yes please. I want to be an armchair waifu general.
-A New Game+ mode as $15 DLC where the plot and writing go absolutely bonkers. You start off as the protagonist with maxed out social stats, meaning you run around as a paragon of man since Day One and go nuts as though you own the world. The dialogue choices would be much more...eh...
diverse, you get the option to speak up at certain points for extra hilarity and/or plot advancement....basically, give me a New Game + DLC that creates an optional New Game+ that focuses a bit less on the plot and a lot more on the comedy for the sake of enjoyment. Persona 4 really delivered on the comedy front(IMO) so I'd love to see something like this where the Protagonist is an active participant in the crazy.
-Record-breaking localization times
What I expect: