It doesn't, technically. It's name is Illusory Revelations #FE. Obviously the latter part is in reference to Fire Emblem, but the rest is only tangentially related to SMT, Revelations being part of the original Persona's name. Originally billing it as part SMT was a mistake, I feel, as SMT by itself is vague. People seemed to interpret it literally as something akin to the core SMTs, where it's skewing more towards Persona. And let's get real here, to expect them to not go the Persona angle is foolish. That's what popular, that's what sells.
As for being an original IP, it practically is. Rather than just combining the two series, it seems to be taking elements from both and doing its own thing with it. The whole pop angle is way more prevalent than either series' presence. Which is probably just turning people off from it even more. But you know what, you got to [tornado fang]ing play it first. (That's gonna end up being my motto for this year. It applies to quite a few games announced.) This could turn out the same way Final Fantasy X-2 did. Once you get past the cheesy Charlie's Angels vibe, you get one of the better battle systems in any FF.
Disclaimer: I'm not much of a fan of either series. But I'm even less of a fan of people being so quick to judge.
The game might be good, or it may not. Either way, I never once stated that it looked bad. That isn't the issue in this matter.
I, along with many others, are very disappointed that this "crossover" isn't REMOTELY like what we were promised. There is barely any resemblance to the initial SMT x FE teaser.
This is what we expected:
http://youtu.be/OK5-EIzDtKoDark, ominous, foreboding and my favorite video from the Direct this was announced on. It implemented themes from both franchises, and I got chills from it. Even if the crossover didn't have the same characters, it was meant to incorporate the spirit of both worlds.
Instead, we get this:
Forget staying close to the roots of what makes the core SMT and FE games unique and intriguing, let's go mainstream. Anime waifus forever!
It's a slap in the face. This crossover was by far one of my most anticipated titles, along with Zero Escape 3 and Kingdom Hearts 3.
And to lay claim the notion that the Persona-style is the only route to go with is complete bull.
Atlus has represented the darker SMT for a while. Shin Megami Tensei IV retains it's mature roots and they localized Soul Hackers to the west, even though no one asked for it. They didn't have to, but they clearly don't mind the exposure to classic SMT.
Is Persona the easier way to go? Perhaps. But you cannot say Atlus wouldn't develop what was initially promised. There is no excuse.