I think it definitely looks cool, but I'm not completely satisfied with it either. For one, obviously Yu Narukami would be a main focal point of the box art, but why Labrys? The story revolves around her, yes, but wouldn't it be best to rep Persona 3 (I don't care that Labrys was a P3 drama CD character; that's insignificant) in some way? Why not the other, probably more popular, robot lady Aigis facing against Persona 4's protagonist? Better yet, why isn't it something that reps way more characters like this:
I think this image alone would have been a better box art. It shows all of the characters (which is maybe something they wanted to avoid for some reason?), represents both Persona 4 and Persona 3, actually shows a Persona (which is kinda important) and just looks cooler.
Also, the background in the official box art looks a bit odd. The echoing of the foreground into the yellow looks weird; if they wanted to create some kind of "echoing" effect (or whatever the proper term is), why didn't they go for Yu vs. Labrys in the foreground with Izanagi vs. Ariadne in the background? That'd be a much better concept, in my opinion. Also that "MayonakaTV" looks out of place.
In the end, this is just a box art and I'm not seriously frustrated about it, but I just thought I'd express my thoughts on it. It will change for the North American version, even if the modification is just the "MayonakaTV" into "Midnight Channel".