Rule is that you dun skip dialogue.
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Don't skip intros and dialogs. You may know the game by heart, but people who watch the longplay don't.
This is making me hesitant on doing Persona 3 Portable (Persona 3 and 4 is REALLY text heavy.) One case of me "Triangling" through Persona 3: the summer lecture about tarots and arcana. There is also the questions that raise Charm, which I REALLY don't need when I have max Charm (I can just sleep through it for Great status, but it will be wasted if I don't go to Tartarus, which really only requires one trip due to changed game mechanic: you can't get Tired unless someone gets knocked out and you go to the next floor. Even then, there is an item that gets rid of Tired and it is SUPER cheap. o_o)
Triangle is the answer to a fast forward button of sorts. It allows skipping text and speeding through random battles. As for random battles, it is called "Rush". Everyone does physical attacks and attack animations are skipped (no lengthy Megidolaon animation, even though it is a cool spell.)