Hmm, all very good points. Honestly, I was planning on working on all that out and addressing it in a proper recruitment thread, since this is basically just an interest check, ya know, to see if people are interested enough to make it worth the effort of hammering out all those details, though I might just re-do the first post to add more detail here.
To sum up some of the answers though. It takes place in the modern day... well, maybe a few years in the future. Persona games have a tendency of taking place a year or two after their release date. For example, the trailers for Persona 4 the Animation were released on certain days that events took place in the original game, as the game actually took place during that year, rather than the year it had been released. Regardless, the technology will be modern technology, just as it had been in previous Persona. (With perhaps a little sci-fi sprinkled about, but... any sci-fi technology would not be anything the players would be aware of at the start.)
I didn't think it was entirely important to list the date as each of the Persona games are fairly stand alone. Even Innocent Sin and Eternal Punishment can be played independently of eachother. (Though obviously, you'll get more of the complete story if you play them both in order.)
More or less, the events of this rp will have almost nothing to do with the events of Persona 1-4, apart from thematic and stylistic similarities; just like the plot of P4 had nothing to do with the plot of P3.
I don't really want to give too much away of the plot either, as Persona games have always had a strong sense of mystery. I suppose the best way to put it is... There's a rumor that there's a ghost train that will take you to the land of the dead, that only appears at midnight. I guess its not much of a spoiler to point out that... yes, the rumor turns out to be (mostly) true. I mean, this is a Persona game, and there wouldn't be much plot if they went to the station, nothing happened, and they all went home and had a good night's sleep. The main characters go off to the station for one reason or another. They could all be a group of friends, or all showed up independently due to some mass-challenge or dare put up. We can work out the hows and whys when we have players.
Some people in the area have gone missing, and of course the rumors say they got on the train and were carried off to the land of the dead and trapped their for eternity... you know how students spread silly rumors like that. Apart from that... I'd really rather let the players enjoy unraveling the mysteries themselves, then just handing them the script in advance. I mean... there will be monsters, you have persona, you smash the monsters... classic Persona stuff.
As for the direction, well, I have a rough outline, but narrowing it down too much before I even know the characters is just a recipe for disaster. To sum it up, there will be the usual duality seen in P3 and P4. As in, there will be the run around and smash monsters and try to solve the mystery segments, and then the parts where they go home and socialize. I'll likely provide NPCs to serve as sort of... 'social links', though not being wild cards, the characters won't exactly unlock new persona or anything. And of course, the player characters can also interact with eachother. I would also be interested in finding someone else to play the NPCs that I'm not able to or... perhaps the type that I'm not especially good at.
Really, other than that, I'm willing to let the players determine how they want to go about solving this mystery, and I have a number of ideas depending on what route they chose to take.
Addressing the city... I was hoping I'd be able to attract a co-GM to help me with building the city, but I can do it myself if I have to. The structure of it, will essentially consist of a number of key locations (which may each have their own thread, or be condensed into a single thread, depending on how many players we get) which can be thought of as sort of the main map from P3. I figure there will be a school, a mall, some little misc locations like a shrine and whatnot, and a residential area where the player characters live.
I'm mulling over how to handle transitioning time... with a few ideas, that I could once again use a co-GM to bounce them off of... but if not, I'll figure it out. I'm thinking of dividing it into 3 sections. Before School, During School and After School, with weekends and holidays just being one section. I'd either have the players say in OOC what their characters would do during the next time period and set up a scene for them and control when it moves on, which would restrict freedom a little, but allow things to keep more neat and orderly, or I could simply let players do scenes on their own, and move on to the next section when all scenes have wrapped up... which allows more freedom, but could get things messy quick. There may be a middle-ground option, letting people rp on their own, and telling them to wrap things up when its time to switch to the next section.
Or I could drop the whole time management concept if its too much of a mess, and just let characters proceed as things go, with time just sort of progressing as the plot demands. It might lose some of the Persona feel, but may be the best way to avoid a jumbled mess.