Despite the confusing naming, this is actually Blazblue 3. Just like Continuum shift was an actual sequel to Calamity Trigger, Chrono Phantasma is the actual sequel to Continuum Shift.
I think this is great because I have been waiting for Blazblue 3 which this is. What Arc did wrong imo was releasing Extend last year which was nothing but an expansion pack as a game. They should have released it as a patch and dlc just like they did with Continuum shift 2.
But nonetheless an actual sequel is a great thing and the game is looking very very good.