Sure, story is there, even though it really is nothing more than a glorified epilogue to a game that ended so perfectly. As a music/rhythm game, it has songs that are too long, and overall lacks content. No-brainer songs such as Never More is missing in the original list of included songs, set aside as a DLC so they can take more money from the fans who bought this supposedly full game.
If you are kind of a person who has no concept of what it means to be a responsible consumer, and just want to watch Nanako dance cute to some music you used to think is the best musical achievement in history of mankind, you wouldn't be disappointed. But otherwise, I wouldn't recommend this, not even to fans. Because fans, including myself, bought this, and it gave Atlus an excuse to do the same to P3 and P5, with even less content and even more exploitative DLC business model.
If you are kind of a person who has no concept of what it means to be a responsible consumer, and just want to watch Nanako dance cute to some music you used to think is the best musical achievement in history of mankind, you wouldn't be disappointed. But otherwise, I wouldn't recommend this, not even to fans. Because fans, including myself, bought this, and it gave Atlus an excuse to do the same to P3 and P5, with even less content and even more exploitative DLC business model.