So I found this at Gamestop new for $10, and despite duckroll's recommendation against it, I picked it up. I'm enjoying it a lot more than I expected to. I'm addicted.
It's definitely a breezy Shin Megami Tensei-lite, as the battles are not difficult at all (so far). But everything about it is definitely SMT. The abilities your demons have outside of combat is a fun wrinkle, and it gives demon fusion just a little extra oomph (i.e. "I'd better not get rid of this demon, because I need to keep around one that can read people's minds.")
The script and localization are grade A. The setting is pretty cool (prewar Japan, yet still in a Taisho era that didn't end when it did historically

). And while the music isn't exactly period-appropriate, it totally has the SMT feel. Even without voice acting, the 3D character models you see during conversations show a lot of expression. Oh, and

Kaneko

I've heard some people bitching about the prerendered backgrounds. Cry moar: they keep the game running at 60fps with miniscule load times.
The biggest problem with it I see is the melee combat moves, which are pretty boring and get repetitive quickly. But as you get tired of them, it becomes more important and practical to exploit demons' weak points with your demons' attacks, thereby stunning them and allowing you to get in easy critical hits (which make big, juicy flashes onscreen).
Oh, and I always love seeing the return of the SMT overhead map.
