Mostly the true final dungeon but there's stuff tacked on to the end too, so yeah, spoilers. You've been warned!
And from here on is the new true ending. Time skips forwards to the summer holidays (the events of P4U are reduced to a single line from Yousuke about how nobody really got to relax during the holidays in May).
So yeah, first playthrough cleared. I'll probably do a second for Margaret and Izanagi and the remaining commus I have left over and whatever.
20 July, 2012
Stuff from January to February, including the new dungeon and so on. You've been warned.