First off, i love this game. the 80+ hours i had were well spent.

My problem is with the new game plus. I've just got Chie's persona, all the while wondering if i should put down another 80+ hours repeating what i did before. I knew going in that you dont retain your level and you keep your cash from before, but you dont get to keep your weapons, and your social links revert. I dont like how you have to buy back all the high level persona's that you get.

Am i just too early to get all the new game plus perks or is that it?

The stories behind all the character that you learn through S. Links are all good. But just hearing those stories are basically it. Most people replay just to max all their social links. Nothing really else to do.

I'm a completionist freak so I spent a good deal of time on this game.  Is it worth it for you to run it again is really your preference.   You'll have the option of going up against Margaret, going through a whole new set of social links and social link dialogue (ie. those courage related statistics, soccer instead of basketball, etc.), and on a new difficulty if you haven't played on expert from the get go.  I was surprised at some of the changes in "random" events that I didn't see in my first game.  Buying back personas shouldn't be a problem really unless you spent your whole time squandering your funds.  If you do decide to make a new game + though, I don't encourage tossing in Yoshitsune or whatever high level persona you have from the very beginning, the power trip gets old rather quickly.

No not really - Persona 3 has a better New Game then 4 - more stuff carries over and even in the first run theres the extra uber tough dungeon to plow through - and in FES theres The Answer.  I think you can fight Margaret in P4 and fuse that final Persona from the last boss in the true ending but other then that there's not much incentive to play it again.  I suggest picking up P3 and playing if you havent already - it's much harder, for various reasons but its a lot more rewarding and has a lot more to do in it.

Hmmm, if social links and dialogue are really the high point of a new game plus, then i dont think im gonna continue. And i've already maxed most of my social links during the first play through.

My main concern is going through the grind. When it comes to RPGs, grinding doesn't bother me at all, during my first run through i would spend hours grinding until the shawdows on the top floor of dungeons are tiny, and it would be a bitch to do that again.

The other thing if you haven't encountered it is death can show up in any chest.  You beat death and you get a characters ultmate weapon.

If its your second play through no grind is really necessary.  Your level only determines the limit to persona fusion, but you can still summon higher level ones out of the compendium.

Well the biggest bonus that you get is accessing all the dialog that need a high level of the 5 stats, so you can eat the food that Chie and Yukiko made in the campout.

If you're having fun, then by all means play it again. If not, and it's boring, then screw the extras. Why does it have to be more complicated?

I'm currently about 10 hours in on Persona 3...I'll let you know what I think about the NG+ in Persona 4 when I get there :P