In a day the update is bringing the 3rd chapter, with 8 songs that you can preview here.
It's been over a year since the last chapter release, so there's likely a lot of story to see, although I care more about the challenges.

There's 3 free songs apart from the chapter that are getting released, along with other more minor changes.

I've just signed-up to the 17th official tournament of Flash Flash Revolution.
Haven't really been able to play much for some months but there's still a month to prepare, so hopefully I can get good enough.

If you want to join you'll have to play on FFR for a while if you don't already play another VSRG, but there's a lot of time until sign-ups close. Also, you should beforehand read the rules.

This game is a lot like Bullets Per Minute in the surface, but features like custom songs can elevate it with results like this.
On Steam the game already has hundreds of reviews, with an incredible 98% positive rate. It's also been on a discount since release, it goes away within 2 days.

From a new announcement, the game is being ported to PS4, PS5 and PSVR2 on July 9th.
However, the Steam page already says it supports PlayStation controller, so maybe you could get a similar experience now with it.
At the same time, they'll release a Chillpop DLC with 10 songs and 2 free songs for the base game.