From Game Developer Research Institute
Some interesting comments in that SMT2 link.  I wonder what the source for the info there is... sounds like it came from someone on the game's QA team.
- "All of the programming was handled by a company called Virtual East (graphics were done by a different company)."
- "The company seems to have been started by students straight out of a vocational school."
- "Main production of the game took a full year, plus another seven months just for debugging."
- "When the master was submitted, there were 4800 bugs, and the first release still contained 400 of those bugs. They weren't able to fix some of the bugs, so Atlus released the buggy version hoping to minimize their losses. 99% of the issues in the released game were known by the debug team, who argued against releasing the game in that state."
- "They didn't use the same developer as the conversion of SMT1 because this company was cheaper." (though I think Dennou Eizo Seisakusho had gone out of business by this point?)