How's the story mode?

[Legendary Mr. Tiddles]

Long? Good? Fun? Engaging? Or none of those?

[Maralva ⛧]

The story mode is engaging enough. The story is very fun but isn't anything jaw-dropping, but very good for a fighting game. They made it much easier to beat as they removed all the weapons and leveling requirements, but at least they added a third chapter.
If you want more RPG styled gameplay, then the two chapters are in the original GBVS. That one also (as of writing this post) is the only one that supports playing through the mode with a friend, which is generally more fun. It's a bit more grindy though.

The beat-em up styled gameplay isn't the best but the versus fights and boss fights are extremely fun especially on higher difficulties. I still prefer the original since it's harder.