Quote Originally Posted by Seraph522 View Post
I think that's a bit of a misconception, to be honest. By and large, NG+ means "replay the game but with certain bonuses" (at least in single player games; I'm not an MMO vet, so I'm not sure if this is common in this genre or if NG+ is even a thing in most other MMOs), which can vary wildly from game to game. Some games require you to level up all over again - Persona 5, for example, does this - but others carry over levels, like Persona 3, or automatically start you at a high level, like FFXII's updated versions (IZJS, Zodiac Age). Sometimes gear is carried over, sometimes it isn't. Generally, something is carried over, or some form of bonus is granted on the subsequent playthrough, but what that is by and large is up to the developers.
You got it right. NG+'s implementation differs depending on the game in various ways like you listed. Usually the big things are gear and/or levels carrying over, additional difficulties, and new post-game content to experience.