Well, not everything is transferred. In fact, barely anything is. So far just your name, appearance, PM choice and name, level, Type levels, and clothing currently equipped. Money, equipment, PA exp, PAs earned, titles and everything else seems to be reset to as it was when starting a new game.
As far as I've played through it, it doesn't seem worth it to start a new game+.
By the way, the changes are pretty much documented here where Espio was translating the details of the screenshots:
http://www.pso-world.com/forums/show...=147471&page=4
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