Ok, time for a very relevant question, are there still 4 character slots like in the old PSO or did SEGA foolishly reduce it
Pretty much yeah.
Well... As we are used to Marvel and DC Multiverses, and many other sci-fi stories, we always have the chance to get some connection between PSO2 and the original games. But I believe this is not the intent. Sadly.
Every mainline entry from PSU onwards, regardless of the name, are meant to be taking place in their own separate universe. During each "mainline" era, the identity of the Phantasy Star franchise is based off of whatever mainline title's active, Phantasy Star Portable isnt called "Phantasy Star Universe Portable" nor is Phantasy Star Nova called "Phantasy Star Online 2 Nova" (exception to this rule is PS0).
PSO1's story concluded in Episode 3 (which is chronologically the last Episode)
PSU's story concluded in Phantasy Star Portable 2 Infinity.
PSO2's story may be concluding with Episode 6.
Whatever comes next, be it PSO3, PSU2 or say... Phantasy Star Galaxy (made up name), would be taking place in its own separate universe with some common elements carried over (currency is still Meseta, Rappies are present, same three races and classes to start us off is present, etc).
Great More fake games.
@Leonkh99 Great more Fake games. >.<