Honestly, I don't see P4 Arena's story falling over completely into P5. I'm betting a sequel to P4Arena itself or more likely, some DLC events that will most likley wrap up most of the P3/4 casts stories. I'm not going to be surprised if the Kirijo group and several cast members make some high profile cameo appearances but I would bet it would be simialr to how P1's cast was utilized in Persona 2.
Well there is always the possibility that Yu simple chose not to be romantic with any of the girls. It is an option. I mean P3 MC and Yukari's relationship is technically canon but even looking at a lot of the concept artwork and how much the game really pushed the two of them together it was obvious that the creators meant for them to have a relationship but Yu in P4 doesn't have any of that. So it is very likely that Yu isn't romancing any girls because the creators chose to make thoses choses canon instead. Besides, his relationship with Yosuke is knee deep in Bromance territory as it is, and he is especially affectionate sounding when he talks about him in P4 Arena.But, yeah, bringing back old characters as playable is going to be hard enough. Bringing together both teams is going to be incredibly challenging to pull off, but I have faith that Atlus can do it. I just wish (probably in vain) that we'll get some save transfer ability, or at least some basic setup manipulation. Because, I have to say, one of the weirdest things about P4Arena in my opinion is how it ignores the relationships of Yu's Social Links. I understand that it probably wasn't worth it for a fighting game that is an intermediate story, but if the Investigation Team becomes playable in a full RPG again, and Yu has to start all over when romancing Naoto, I am not going to be happy.
I can understand, especially from a gameplay perspective, having to rebuild Social Links. It won't even be too hard to work from there if we assume that a single-round, all Social Links maxed play-through is the canon base, that further relationships are developed on top of the old ones, but the romances were optional, and some indication of them needs to be built into the design.
(SPOILER)Well not really, Nyx ends with the Arcana of death but Nyx is bringing forth death that mankind wishes for. The main character's story goes full circle with the Nyx Annihilation Team being the Judgement arcana and finally Minato pulled all his social links together to form the Universe Arcana when he reaches his Answer which is the same as the World Arcana just from the Thoth Deck instead of the more standard one. Minato did come full circle and he's technically not dead, he does live on as the seal that protects humanity from bringing destruction onto itself. He died and was reborn as mankind's salvation which fits nicely with his Ultimate Persona Messiah.This is true, but too many things nag at me. First, there's the small reason: I really like the character and want him back. But there are other, more important reasons as well, little things that nag me all around the ending. Ryoji tells us that the protagonist will continue. The protagonist's "true" Persona, Messiah, is mentioned specifically as both Death and Rebirth. The Arcana themes of the story end with Death, which is the midpoint of the story, not the end. Why do we stop at the Thirteenth Arcana? Elizabeth is searching for the Protagonist, and believes that with the Wild Card (which is a couple of times stated to be able to make the impossible possible), she could bring him back. Everything drawing back to Tatsumi Port Island.Minato (P3 MC) found his answer and made his choice, and I feel the heroic sacrifice he made is fitting.
Well there will always be more to be told in the overall story, largely because the people who inhabit the Persona world don't realize they are trapped in a Lovecraftian World where several godlike beings have it out for humanity.I'm not saying that his story wasn't complete from a character development standpoint. Just that, from the standpoint of the story, the conflicts, the world, it all feels like there is more to be told. Yu's development was complete as well. But, as Margaret says, just because you've finished one Journey, found one Answer, doesn't mean that a new one isn't waiting.Still, I can't really imagine P3's MC having anything left to do though. I imagine Elizabeth will save him and simply take him to the Velvet Room with her. Yu has a bit more of an argument of returning but I feel it will be more likely that he may show up in the future as a prominent side character as opposed to starring in a new title for himself. I mean he met Margaret in P4 Arena but Igor is the one you need to make the pact with so likely the new journey is more symbolic than foreshadowing.
What I can say about what I've learned from P4 Arena (SPOILER)is that I really hope that the Malevolent Entity turns out to be Nylarthotep, I really loved him as a villain in Persona 2 and would love to see him return in all his glory, especially since we're bringing back the whole concept of Shadow sides which was first introduced in Persona 2.





Still, I can't really imagine P3's MC having anything left to do though. I imagine Elizabeth will save him and simply take him to the Velvet Room with her. Yu has a bit more of an argument of returning but I feel it will be more likely that he may show up in the future as a prominent side character as opposed to starring in a new title for himself. I mean he met Margaret in P4 Arena but Igor is the one you need to make the pact with so likely the new journey is more symbolic than foreshadowing. 
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