One of the Arrowhead community managers said they’re trying to get more information regarding regions, so it kinda seems like they weren’t fully prepared for this/got blindsided by Sony a bit. There should be an FAQ/QA with additional info coming soon.

The main story is basically Journey with friends and cosmetics. It expands a bit as you complete each area, easing you into more difficult/spookier content, but it never gets too complex.

There’s also a bunch of secret stuff to find and all of the older seasonal stuff that remains after they ended.

Spoilers for sure, but the wiki is helpful: https://sky-children-of-the-light.fandom.com/wiki/Sky:_Children_of_the_Light_Wiki