It even has a friggin' quest creator!http://www.andriasang.com/e/blog/2011/03/23/persona_2_quests/
* Your quest creations can be set in Karukozaka High School or St. Hermelin High School.
* The mode offers a number of background settings within the schools.
* You can position up to 10 NCPs on each map, setting their precise position and an action that they initiate.
* You can freely set the items that you receive during events and as rewards for winning battle
* For events, you can set the location, characters and dialogue. Dialogue can be freely created. You can also use generic characters or characters from the main game.
As mentioned earlier, the magazine does not say if the game will allow you to exchange these quests with other players. Of course, this would make some sense given how powerful the edit tools appear to be.