Cathryn

I personally prefer the PSP version, but mainly just due to its versatility, since you can do your first playthrough with the MC, and do a NG+ with the female protagonist (if you've never played P3 before, I'd recommend doing the MC route first).  I definitely miss the character sprites, running around the enviroments, and the cutscenes but the PSP load times are so much quicker and the character portraits in P3P are far more expressive.  Also, like everyone's mentioned, you get direct control over your party members in P3P, so if you think that them doing their own thing is going to tick you off, you're better off going with the PSP for that reason as well.
 
All in all, I'd say get the PSP version, andwhen you're done the game, watch the cutscenes and The Answer on youtube if you're interested.

Yeah, I saved him.  I couldn't not do it, he's probably my favourite character.
 
He's in a coma for the rest of the game, unless you're on NG+, then you can get his character ending if you choose to.

lol, let your dog urinate on him

Late reply is cool.  :)
I don't mind that he gave the MC grief nearly as much as I want to bitchslap Yosuke sometimes when he's in conversation with Kanji.  "

" @Cathryn said:

"Yosuke - I liked Yosuke and I didn't.  He is the Persona 4 equivalent of Junpei in Persona 3 (at least characterwise -- in battle he's more like Akihiko), but a lot less foppish.."

Yosuke couldn't hold Junpei's jock.  L)  (Junpei Iori in my opinion was the best character in P3 and P4 combined, although I thought the cast was stronger in 4 overall.  By far the deepest and most conflicted character in S.E.E.S.) "

Looks like a good night XD

Really excited to play this -- it's been on my list for awhile now, but I've never gotten around to picking it up.  Totally going for it once I've trudged through a little more of my enormous backlog.

Favourites:
Dojima - because he's a kind've badass detective and a good father figure all at the same time, despite his flaws
Yukiko - because she's feminine and intelligent and badass.  One of the best female characters I've ever seen in a game.  Her badassness is nice and subtle and not overbearing
Rise - for many of the same reasons why I like Yukiko.  I often don't like super girly characters, but she had a lot of unexpected depth
Kou and Daisuke - Their social link stuff was really fun, even though I never finished the link, I wish I could have because they were cool.  I restarted the game after going through about 20 hours and went with soccer instead of basketball like I did the first time, and basketball was more interesting, but I still like both of these characters a lot.
Nanako - I was kind've ambivalent about her at first, but once she went into the hospital and I came home to an empty house every evening, I realized how much I missed her saying hello to me every day.

Disliked and/or found annoying:
Chie - I tend to not like OMG DEFENDER OF JUSTICE characters, I like them to be a little more grey area than she is
The drama club girl - oh god, cry more please
Teddie - he mainly annoyed me.  I hated the sound of his footsteps whenever I took him out, which was a lot, because he became part of my final party.  He had his moments, but overall I wound up not liking him all that much.

Characters that I was torn about:
Yosuke - I liked Yosuke and I didn't.  He is the Persona 4 equivalent of Junpei in Persona 3 (at least characterwise -- in battle he's more like Akihiko), but a lot less foppish.  I kind've missed the fop aspects.  Also really disliked the way they made him rag on Kanji's sexuality all the time for awhile there.
Kanji - Sometimes I loved Kanji and sometimes I didn't.  I really disliked the way they handled his sexuality and it made him a little bit creepy.  I would've prefered that they either made him gay or took out the sexuality stuff, all of Yosuke's weirdness about the whole thing made me a bit uncomfortable.  But then, it is a Japanese game, so I can kind've understand why they handled it the way they did.  Also, I almost never fought with him, he totally didn't suit my play style.
Naoto - I think I would have liked Naoto a lot better had I been able to finish the social link, but I wasn't and she just seemed really incomplete to me.

Pathetic and icky D:

In general, I'm not wild about the new version of shuffle time either.  The arcana chance benefits aren't really enough for me to bother, so unless there are personas I don't have yet in the shuffle, I just look away from the cards.

I sorely miss the XP bonuses and the healing.

The materials you get from enemies make up for not having the money bonuses as well.  I'm finding that I'm not struggling for money too badly anymore, which is nice.  It helps that I figured out that on rainy days, the potion shop gives a discount.  It also helps that you don't have to buy four pieces of equipment for everyone anymore as well.

Anyone know if the equipment shop does discounts on particular days?  I haven't noticed anything yet.

Oh, and I think I at least sort of figured out the weapon crafting system.  I initially thought it was random, and I'm glad I realized that it wasn't -- I would still be grinding for two floors, leaving the dungeon, and then selling my materials again and never unlocking any new equipment D: