I think Atlus will continue with the stylistic graphics and less intenisve display over the more CGI laden or photo realistic attempts of a Final Fantasy or Uncharted. So the costs will not be as astronomical. Also, by publishing unproven commodities such as Demon Souls, it would seem that risk is very much in their current mind-set. Probably why they have actually gained massive traction in both the major gaming markets in recent years. It doesn’t hurt that they remain unapoligetic about their more controversial themes in the SMT and Persona games. That kind of artistic integrity does have a powerful appeal to many gamers in today’s market of money over art.
Only if you want to compete with FFXIII on graphics. Persona 3 and 4 look very good, but half of that (or more) is due to simple style: the graphics are very slick and well produced, but not necessarily all that expensive.
And the PS2 is getting less and less viable as a target platform as time goes on. They could kinda get away with it for P4 in late 2008, and there were a handful of games that were released in 2009. So eventually they’re going to have to move to a next-gen system; that’s going to be the PS3. Being they’re Japanese developers of one of THE quintessentially Japanese series (based off a Japanese novel, with 20-year-old roots) with a huge Japanese audience, the 360 is a joke. (Outside of Japan, very much not true. In Japan, however, simple fact.) And there’s enough precedent now that “mature titles don’t sell on Wii” that unless they have some fiendishly brilliant idea that absolutely needs motion control, it makes sense to go PS3.
I’d say given their use of simplistic stylizations over heavy graphics they would be better making P5 for the PSP. I do agree with your other assessments. There is also precedence in that also Japan is a more mobile-gaming market; hence why DQIX - the mega title of Japan - was on a handheld device, not a console.
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I’m afraid I have to agree with Narg on this. My proof: show of hands, upon Persona 3 Portable’s announcement, how many people were hoping/wishing for this (regardless of how unlikely it would be to happen):