Well, it is the latest Sega rhythm game in the arcades next to Maimai, Chunithm and Project Diva Arcade which are still on-going ever since. Ongeki is released on the latest Sega arcade hardware named Amusement Linkage Live System, the FIRST Sega arcade system to use Unreal Engine 4. Namco and Taito's arcade systems are already compatible with that engine but that is the story for other arcade games using that engine. Ringedge 2 is Unreal Engine compatible but it uses UE3 if you know the system specs of that hardware and the system requirements of Unreal Engine 4.
Another interesting information is that you can use the unified IC card called Amusement IC. It is a plan by multiple companies like Namco, Konami and Sega in which you can use the same card for those games published by them. Unfortunately, is there a reason to exclude the Nesica one out of Amusement IC card? The deployment of those cards to the arcade centers began this summer so players can buy them if they want to.
The gameplay consists of 6 keys, two sensors for Wall Notes and the stick for moving the characters left and right. There are note patterns that use any side of 3 keys but there are also those patterns that make use of both sides. One difference between this and other rhythm games is that you fail the song if you take too much damage from enemy bullets but I know that this is not the only game where you can actually fail that way. There are some other rhythm games where you fail that way like Muse Dash or Rudymical for instance in which running into enemies, spikes or other projectiles can cost life points. To gain life points will be to collect those yellow bells in Ongeki. Certain songs in high difficulties will have laser beams to dodge in addition to enemy bullets.
Of course, as a modern arcade game, it has controversial coin-sucking features such as the inclusion of the card management taken from Japanese mobile games as well as to charge players a credit for drawing 10 cards. While things are like less expensive than in mobile games in terms of microtransactions, it is still money-sucking that way like you're buying for additional coins just for bullshit like this in the arcades. Sound Voltex series has the similar feature but that is for player identity. Plus, it takes place at the end of the game so it's not charging you additional credits. What is useless however is the card management feature for Story Mode of Sound Voltex III as it doesn't do anything to the gameplay. Museca has you need random cards representing Graficas for gameplay enhancement but I'm not sure if it has the same controversy as Ongeki or not as I don't play it.
So, are you going to spend those arcade coins on those rhythm games just for songs or something else? If it's for attempting tons of songs, that's the good thing like you're trying to demonstrate your skills to yourself and that's the first step and purpose when it comes to rhythm games. As of this writing, I'm familiar with some tracks in Ongeki like Perfect Shining, No Remorse from Ketsui, various Bang Dream Girls Band Party songs and others. Before the game came out, there was a collaboration between it and Bang Dream Girls Band Party and there are character cards from that other game as well.
The gameplay concept seems to be fun from what I saw and I can imagine a S***c rhythm game that is like this. Problem is, the playfield is all in 3D and implementing something like this is quite difficult for when it comes to someone making a fanmade game like that.