Thanks.
In terms of lore and potential in-game references, will I be left clueless if I skip FES in favour of 4 or is each game akin to an independent production with its unique set of characters?
Each game is completely separate. They take place in the same world(with the events of P3 happening 2 years prior to the events of P4 I think it was), but you won't have the cast from 3 showing up in 4. Some minor cameos take place from minor characters, but nothing you lose out by not playing 3 first(though it is neat to go back and do after).
For example, in May in Persona 4 a home shopping program starts on Sundays, hosted by a character. This character is in Persona 3 as a social link, but he also runs the same shopping program on Sundays in 3 FES as well.
Now of course, once you get through Persona 4, the fighting game Persona 4 Arena continues with the cast of 4 in a new story that takes place after P4, and features most of the cast of Persona 3 as well, so you'd want to play Persona 3 before that one.