They started working on it since 2010. Don't see why it should take longer than 2014 to come out.
Well, they're doing more than your typical eight hour game release though.
They built an engine, which can of course be time consuming. Especially if they started from scratch.
Games typically spend about a year in pre-production which is just talking and planning and art; nailing down a vision and major goals. For a game as typically lengthy and as full of content as Persona, I could see them easily eclipsing that typical time.
Then there's the fact EP and P3 are seperated by six years. New engine, new platform; they're in that situation again.
I don't think it's releasing any later than 2014. But it's definitely not a quick production.
Yes, it would be. (just as it would be if any other previously 'exclusive' titles were to be on another system) However, I just don't think there's any likelihood at all of the game also being on the 360. There's probably a teeny tiny chance there but you could say the same for the Wii U.
Multi-disk 360 version, please no...
I could understand if you said "slim chance", but no likelihood at all is like arguing against history. Catherine and P4A have sold to expectation. It might not be huge, but some contingency of the fanbase is on 360. It's not the same situation as Wii U, since that system has no games to speak of.
It also wouldn't be multi-disk on 360. The games aren't anywhere near as resource intensive for that to occurr. So much asset recycling is going on it'd make your head spin.