The end of Persona 4 Arena makes me feel like they're finally tying all the games together more than they had before, so that makes me think I should play the first few games to learn more about the story.

I know a little bit about the story in both (well there are technically 3 i guess) games, but I am oblivious to any specifics. I've seen gameplay of the battles in P1 and P2 and was never quite sold on it, but I think i'd be able to get used to it with time. I was thinking that, once/if ever the remake of Eternal Punishment comes to the US, I'd get both that and Innocent Sin, as well as the remake of P1 while I'm at it, but given that it's a PSP game, they may not bring it over now that the Vita's been around awhile.

Another question i have is: I've heard some places that EP takes place in an alternate universe from IS, and if that's true, I'd just get IS and forget about waiting, but some places just say that the characters get amnesia and the same story is continued. So, without spoiling too much, which one's true?

Here's my advice regarding the early games: SKIP THE SHIT OUT OF THE FIRST ONE. You will miss absolutely nothing. Start with Innocent Sin, and you will be better for it.

The PSP version of Persona 2 is both of the games I believe.