Dreamfall: Chapters out now
Yes. It really is the follow up to The Longest Journey and Dreamfall: The Longest Journey.
Yes it's unfortunately episodic, this just book one of five.
But also yes, it's one price for the set.
Steam:
http://store.steampowered.com/app/237850/
Humble Bundle:
https://www.humblebundle.com/store
GoG:
coming soon
Just remember this is a small developer now - expect bugs/lack of optimisation etc. - if concerning, wait for the inevitable patches, or better, the whole set to be finished.
Re: Dreamfall: Chapters out now
I'm waiting for the gog version at least, however I never played the originals so it was never massively on my radar so to speak.