Yes. This post is full of spoilers. HA.
If you thought AT1 and AT2 was full of innuendo lulz, you haven't seen anything yet.
The latest installment of the AT series, AT3, completely BLOWS the other two titles out of the water (save for the maybe not-so-nice battle system). You can shake the SIXAXIS controller to "purge" your Reyvateil's clothes during battle. For some odd reason, having more exposed skin increases your magical power.
Our favorite little imouto, Cocona (now 13/14 years old!) also returns, disguised as Tatsumi. That's right. Tatsumi IS Cocona. *_*
Remember Dr. Laude? Yeah, that idiot who fell into the abyss in AT2? His daughter is Mute. (she's so MANLY, heh). But no worries! She turns into a loli later in the game!
As expected, Sasha takes over the role of Spica from AT2, selling AT rares (Dokkoi Set!) from previous games.
Now please excuse me while I OMG CAKESSSSSSSS SAKIIIIIIIIIIIIIIIIIIIIIIII!!
In other news, NISA just announced Disgaea Infinite. That's nice and all, but could you just start localizing AT3? Yeah.