I enjoyed it more than P3.
Pros
-Control your whole team, which you'll pretty much HAVE to do soon after/during the first dungeon.
-Better dungeons.
-Liked the murder mystery/rural setting/Scooby Doo vibe better than the crazy conspiracy/city/Harry Potter vibe of P3.
-Seemed to be a bit harder, probably because your SP don't replenish when you go back to the lobby. Also less money.
-Team members more likable overall. Teddie/Kanji > any of P3's main cast. Also you could have s. links with all your team members, and advancing them gave you tangible benefits in combat.
Cons
-Harder to raise your attributes, and there's FIVE now instead of three
-Because of that, you can take longer to access some s. links. I pretty much wasn't able to do anything with Naoto until the last week or so of available time.
-If you screw up on time management, you can bork your s. links. On my first playthrough I was kind of lazy and would advance my non-team s. links as opposed to beating the shit out of the dungeon immediately and then maxing out my team s. links.
-Rise sucks pretty much as bad as Fuuka, so I guess that's a wash.
I think during my playthroughs of FES I probably died maaaaaybe once. In P4 I probably died half a dozen times- I don't think I was any more careless in my playstyle; the game just felt a bit harder, which I always appreciate. Right now (haven't played Fallout 3 yet) this is about tied with Etrian Odyssey 2 for my GOTY. All that probably changes tomorrow, but whatever! Awesome game, good send off to the PS2 is my verdict. Buy it and play the shit out of it.