The home version of Persona 4 Arena has a story mode that details what happened after the events of Persona 4. It appears that this is a major part of the game, as director Kazuhisa Wada reveals in a recent post at the P4 Arena official blog that the play time for the story mode is 30 to 40 hours.
Wada noted that like the story modes in BlazBlue, which is also developed by Arc System Works, P4 Arena's story mode is not the usual "bonus-style feature" one normally expects of a fighting game. The story elements come from the Persona team and feature full voice.
You'll find a trailer for the story mode below. This is the same trailer that we posted on Friday, but in higher quality.