Kind of bums me out, I just bought it from someone here a few weeks ago (not a complaint, I was happy to get it, just if I would've waited a few weeks..).
Today, it does appear a bit dated. Like you HAVE to be ok with random battles as the norm, your abilities you learn being fixed (this is my only real frustration, you really need to know what abilities are coming up and what to take/what not to take from your Magatama). DDS improved on this by letting you change your abilities any time out of combat, so really it does just speak to how old the game is to have an outdated system. Even Persona 3, just through sheer volume of Personas you can equip you never end up losing any "key" abilities.
However, I love the setting. The storyline is engaging, I just like there are no real good guys no matter what reason you end up siding with (or none of them). It can be a bit cheap/unfair at times (my last stupid death was using Deadly Fury and getting avenged 3 times by 3 Gurrs' from full hp). And there are so many Demons, the dungeons are interesting, has an interesting visual style. It is definitely a memorable gaming experience, and it just makes me want there to be an SMT 4 (I'm content with the Persona series, I just prefer SMT).
I'd assume it'll come down in price, but for people to really love RPGs, this is a worthy pick up. Just accept it will be potentially frustrating at times. Actually, not really. People overhype things like getting a Mudo/Hama after not saving for an hour and having to start over. The same things could happen in Persona 3, but realistically, if you pay attention to what demons you have, make semi intelligent skill selections, this game isn't really any harder than a Final Fantasy (well, at least on normal difficulties). Cover the bases with elemental spells, get death production/buff skills/debuff skills. Build a versatile party, and the game really isn't that hard.