Well I'm going to have to disagree with you, Beaker. The story does not blow. It's quite good, in fact. I think they did a remarkable job of incorporating all this different characters and making them fight each other. The only one who feels a little forced is Elizabeth, but then she's just kind of wandering around doing her own thing.
Is it repetitive? Sure, a bit. You're seeing the same events from different perspectives, so it's only natural. Every story has something to add, though, especially when you start getting into the P3 characters. And as mentioned, Elizabeth is really just doing her own thing. Her story is totally unique.
Labrys's story may have been a bit predictable (though I wonder how much of that is just because of the hints dropped in the other stories), but the writing really shines. Good writing can make even the mundane interesting, but in this case they're starting with something interesting and making it fantastic. I do wish there were more actual fights in her story, though.
Really, the worst are the starting four characters. Well, they're not bad the first time but they really are pretty much the same. I guess Yu at least has the velvet room scenes to mix things up, but the other three...Yukiko's was especially weak, which disappointed me because I really liked Yukiko in P4. But when you start getting into the P3 characters and even the rest of the P4 cast then I think there are plenty of original moments. They do all sort of end the same, but that kind of has to happen for the idea of having a consisten canon to make sense. I agree the ending was a disappointment...definitely sequel-baiting.