Persona 4: Beaten. Quick but long lowdown here.
Souji: Despite the usual "P3/4 Main Hype" train, he... noticeably sucks at the beginning! Mainly because your personas fail at leveling with you so that first dungeon, he's got very little to run on. However, after that he gets enough options to weigh that out, and becomes a wrecking ball.
Yosuke: MVP of the non-main crowd. The midgame "lag" for him is the lack of a new physical move. That's it. Otherwise Magarula does him quite well for a long while, and Wind is probably game-best PC element (few walls against it ingame).
Chie: Now, she lags. However, the Furinkazen - Enervation (high) shoes - definitely make up for this and let her be usable during this time frame against the relatively hardest randoms in the game. Rampage is also pretty OK MT for a long while, if inconsistent.
Yukiko: The better healer. It's not because she gets Salvation, it's because Ice is way less common than Lightning. I seriously forgot she had a weakness until the frue final cast Mabufudyne near the end of the fight, making me go "...oh, right!". This also says how often I saw Maziodyne: way too fucking much.
Kanji: Never impressed me. ST physicals!... except by the time he really picks up speed with those, Soji's already better. Rakukaja! ...except Chie gets Tarukaja, and both are outclassed by Teddie a dungeon later in this. MT lightning! ...off Kanji stats. LVP, the durability is no help.
Teddie: The lesser healer, despite the better skillset; the final bosses abuse Lightning way too much in my experience to even consider using Teddie over Yukiko, and his advantages aren't worth enough in random fights to merit him as a choice.
Rise: Godlike, obviously.
Naoto: Okay. Naoto's really fucking weird. Gut says she's actually more useful against the final than Chie but that's due to Megidolaonn not running into that damn phys resist. Otherwise? Clears house with ID, can't be walled ingame by physical/ID immunity due to Almighty, Mind Charge also helps a lot. Yeah, sure, DL reduces her to ID whore. But ingame she's a pretty damn scary character. Used her in all the dungeons except the last where I coinflipped to go with Chie instead. Kinda regret it now, didn't expect the phys resist to hamper Chie badly enough that she became an item girl as a more effective use of her time. Probably right behind Yosuke for MVP title.
Overall, ingame Yosuke>Naoto>Chie=Yukiko>Teddie>Kanji. DL, Yosuke>Chie=Kanji>Naoto>>Yukiko>Teddie. Yosuke to Naoto will probably all get Heavy nods from me; Naoto's ID barrage, Kanji's asston of durability and physical damage, Chie's general inane trick bag and Enervation High boots, and Yosuke's inane option set and solid damage are what sells me here. Note that all four of these guys are probably gonna be low Heavies to me, but hey.