What the hell do graphics have to do with anything? I have no problem with P4 being on PS2 with the same graphics. I wanted a new game.
Look at Atlus last gen.
SMT3 -> DDS -> Devil Summoner -> Trauma Center -> P3 -> EO. Every game from them was something new and exciting. Something that hadn't been done before or at least not in a long time. So it was great looking forward to these all new HQ Atlus titles to see how awesome they'd be.
Flash to the last 2 years of Atlus:
Trauma Center 2 -> EO2 -> Persona 4. Each time, same old great game with major improvements. Sure it means quality titles since they're improving on an already great base game, but the excitement of "Oh man, new game, what's it going to play like???" is gone. It's just going to play the same but better. If Devil Summoner 2 ever comes out (say next game from Atlus R&D1), it'll just further this "Hi, we're out of ideas right now, so we'll just keep doing what works" theme. More great games for everyone? Sure, but somewhere along the line, the risk-taking, exciting Atlus has become just another Japanese conservative company and that's really sad and disappointing IMO, especially in this Japanese market where more and more companies are being afraid to take risks and do something different.