You're looking at a game with character designs by Satoshi Urshihara, a 40+ hour narrative with 40 possible endings. This is perhaps the most highly regarded game in the series, and Atlus is promising a raft of enhancements, tweaks and improvements to make it an even better experience.
The one downside is that this game will not have the same level of voice work as the PS2 original. Because there is so much narrative, it would have been too expensive to make a new, English, voice track, and Atlus was unable to secure the licensing rights to the original Japanese voice track. Expect to do a lot of reading, then.
Still, this game will give those PSP gamers something to look forward to in 2012, as Sony throws its weight behind the Vita instead.
In the meantime, enjoy the first batch of screenshots!