finally beat Persona 5 at 122 hours played (I'm slow at Japanese so that number is probably inflated a bit, also no spoilers)
The overall formula is very similar to Persona 4, with all the good and bad that comes with, though there are a lot of refinements. It still has the same problem of pacing and where clearing a dungeon in one go is the most time efficient way to do things, so you'll spend a couple hours on a dungeon and then a couple hours on either story or social links. There's a bit of an effort to split things up, with an "optional" dungeon that has quests that are required to finish a bunch of social links along with some actually optional ones, but overall it doesn't make a huge difference. Said dungeon is also pretty boring (basically Tartarus with worse music) and longer than it needs to be, it's probably the weakest part of the game. The tone overall is a bit darker which I don't prefer personally.
The social links giving you actual abilities now is probably my favorite new thing, it makes working on them a lot more fun and rewarding than before. Some of them are pretty useless but others are huge, probably my favorite one is (not an actual spoiler in any way but I'll hide it in case anyone cares) the ability to fuse personae over your current level for a cost, which makes the MC hilariously overpowered. I feel like it's also easier to max them in one playthrough, especially if you make good use of the ones that make working on other social links easier, but my memories of P4 are a bit fuzzy on that point. I also liked the negotiation more after getting used to it, and it helps that some social links give you bonuses as far as negotiation goes.
There are a couple features that feel a bit unnecessary, like Skill Cards, which you can only use on the main character's personae, would've been great if it were possible to use them on party members like in Persona Q, and I miss the ability to order your navi character to do something instead of them just throwing around buffs whenever they feel like it. On that note I'd totally go for a Persona Q 2 with characters from 4 and 5. Maybe in another couple years.
Characters and story are on the whole pretty solid. I don't think I liked anyone quite as much as a couple characters from 4 like Kanji, but on the other hand I liked everyone better than Teddie or Yukiko. There were a couple spots I was iffy on in the last portion of the game but no major complaints.
Soundtrack is really good, the standout battle themes are Willpower and Rivers in the Desert but most of the dungeon themes are great too. Life Will Change is awesome in context.
honestly having a difficult time deciding if best waifu is Futaba or Makoto
tl;dr, gameplay is better than P4, story is maybe a bit worse, great game overall