Have to go with Xenoblade Chronicles X at this point.
Right now, there is absolutely NOTHING on how SMT x FE will play or look, not to mention while both franchises are fan favorites, they play distinctively different from one another (even the SMT spinoff that is a SRPG, the Devil Survivor games, have battles very different from your normal FE battle encounter) and have different settings (SMT modern to post apocalyptic and FE having only high fantasy-medieval setting) which means one fanbase or both is likely to not like the game based of gameplay alone even if it features beloved characters.
I have high hopes for this game but being a fan of both franchises, I have my doubts on how well the merger can occur especially given Atlus recent troubles that lead to Sega buying them out. Heck, I'd actually think a Shining Force x Fire Emblem game or Mother x Shin Megami Tensei would make much more sense.
Shoot, can you imagine what a Animal Crossing x Persona (mainly 3 or 4) life sim game would do sales wise in Japan?