At this point with the kind of budgets those games have (and with atlus's parent company going bankrupt) I'd imagine it'd have to be current gen or handheld, I really hope it isn't handheld exclusive though, portable version sure but not exclusive.
One problem I see is ever since Nocturne they've been reusing a ton of the demon models and animations, they'd almost certainly have to redo them with higher polycounts and new animations for HD, which is really time consuming (and probably the reason they opted to use sprites in SMT4, so they didn't have to reuse them again).
As for platform it'd most likely be 360/PS3 with possibly a Vita version, Catherine was their testbed and as far as I know their technology worked fine on both consoles, it might not be the best choice to put out a 360 version in Japan, but I can only assume they'd make a profit on it elsewhere.
On the other hand the dev process for the new consoles might be easier to the point that they'd make it faster if they did it, but if that was the case it'd probably only be there because of the ease and not so much taking advantage of the power, if the price speculation of next gen development is to be believed
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