Strange Journey is jawesome. It's exactly what I wanted in a new first person smt as well. My only grievance so far are the core battle system mechanics. Other SMT battle systems pale to Press Turn and One More, so going back to vanilla turn based SMT is kinda

Especially love the demon negotiation. It's like a mix between SMT 1/2 and Persona 1/2. In fact, it's very Persona-esque. Replace anger/happy/interested/scared and replace them with alignment: chaos/neutral/law. Right now my alignment is neutral-neutral, which kinda sucks because I want to go law-neutral. I don't even know how I got n-n, either.
Music is refreshing for SMT as well.
Story doesn't really feel SMT-ish to me, though. For a main series title that is. Maybe if it were a Persona title I'd buy into it, but so far the story seems tame for a main series SMT: no demon's crucified on crosses, blood soaked hospital floors or any mind-fuckery. I like the characters though.
But other than that, yeap, this is a true sequel and I'm really happy with how it turned out. It's not SMT4, but luckily I didn't go into it expecting SMT4.