You are right to be more excited for P5 Wolf. FFXV looks very iffy and I don't trust Square to deliver a compelling narrative any more. Persona 5 on the other hand is flat out excellent. Easily the best JRPG since the PS2 era. I won't officially judge it until the English release since my Japanese isn't that great, but it takes the best of P3 and mixes it with the best of P4. Add in the best dungeons in the entire MegaTen series, and you have a recipe for success.

Oh, and negotiation works like this. Once you knock every enemy down via hitting their weaknesses, you go into hold up mode. In this mode you can choose to demand items, money, ask them to become your demon, or execute an all out attack. Choose to make them your demon, and you have to answer a series of questions. Make the demon happy and they will join. Scare the demon and it will either join or run away. Piss the demon off and it will attack you, and the battle continues.

Be careful though, since demons can do this too. If your party gets knocked down, the demons will take one of your characters hostage. Failure in negotiation leads to the demons executing this character.