It would be cool if they did a duel console release and put out an improved version on the PS4.
Is it too late for Persona 5?
This time next year, I might not have a PS3 hooked up to a television. It really depends on living arrangements, but our TV doesn't have a free HDMI port for a PS4 unless the PS3 takes a hike.
If my girlfriend is playing Lego Batman 3 or whatever, she's not gonna let me unhook the PS4 to play Persona.
On the other hand, the PS4's architecture is very PC-like, easy to develop on and convert to and from. This also happens to make it much closer to the 360's architecture since that was also very PC-like. This means a 360 version could see a reasonable port to the PS4, and since Catherine was on both 360 and PS3, it's a sign that they could just skip this generation, albeit, it would still take a lot of work.
Launching anywhere near the launch date of the PS4 also gives it a boost from the launch day game buying frenzy.
Sony might be wanting to help late cycle PS3 developers who also have a PS4 devkit in converting late cycles games over to be able to run on the PS4, as a kind of PS3.5 development scheme. However, it's a complex process and the architectures are so different, it'd be easier to just use the 360 code and port it to PS4 than to actually use the PS3 code.
Marketing campaigns also usually start 6-3 months before a game comes out, and usually they're announced and shown a bit before that. Considering it's a few days from April, that means that if they started the marketing campaign now they run the risk of butting up against the frenzy of a new console cycle.
All that said, these unique games like the Persona series have dedicated fanbases that will seek the game out regardless of whatever else is happening in the market, and it's enough of a base where they could just launch it where and how ever they wanted and it would still make money.
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