thats what ray said when he saw a group of schoolchildren.
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Somewhat.
All the keys carry over (lets you fuse certain "hidden" personas, you gain them through quests and social links (the "dating sim" aspect)), the main characters level, all personas fused can be "bought" from the compendum with previous stats and abilities intact, a high level dungeon is unlocked from the start, letting you hit level 99 easily, money carries over, and all gear equipped to the main character or in his inventory carries.
I think that's it....
Gay...
I deleted Winrar :upset:
and im way to lazy to dl it again...
Supposedly, yes (there's a guide on GFAQS).
That being said, you'd have to walkthrough the whole thing, not to mention constantly swapping personas to make sure you get the relationship bonuses of having a compatible arcana with the person you're hanging out with.
And that'd kill all the fun.