Persona General posted some bullet points made on 2ch about arcade mode concerning Sho, Persona Sho, and Adachi. Anons translated and this is what they say.
Minazuki's bullet points:
- His puns are reminiscent of Ikutsuki
- A Plume of Dusk can be sensed from him
- When defeated by Teddie, he mentions "drawing out (Teddie's) hometown"
- When defeated by Sanada, he says "If it's your friends, they're coming, thanks to you guys!!"
- Often mentions "him"
- He appears to be jealous of those who possess Personas
- The last boss for Yu, Naoto, Teddie, Aigis, Junpei and Sanada.
Persona Sho's bullet points:
- Persona is Tsukiyomi
- A Plume of Dusk can be sensed from him
- Says to Labrys "You and I are the same, that's why I chose you".
- His objective is to "remake the world"?
- "What that child desires isn't revenge."
- The last boss of Hanamura, Mitsuru and Labrys.
Adachi's bullet points:
- He appears in Yu's, Sanada's and Yukari's scenarios.
- Minazuki and Adachi have nothing to do with one another (They're aware of each other but they're not in cahoots)
- When asked if he's a fake, he replies that he's the real deal.
- "If you spend too much fighting, you might not be able to return things to normal"; he appears to understand the truth of the situation.
- He appears to have business at the top of the tower.
- Sanada and Yukari have no idea who he is.
Here's what happens after Labrys beats PerShoNa:
Labrys: "I won… I won! But, that reading… Is that a Plume of Dusk? No way… You’re definitely human… What the…?"
Sho: "Heh Heh Heh… That is correct. I am just like you. That is why I chose you. But it seems you were nothing but a hindrance in the end. Of course, it does not matter… It is already too late."
Sho: "There is nothing you can do anymore, it can’t be undone… The world will now change!!"