I liked Life is Strange a lot, the licensed music really added to the whole experience. A really well told character driven story in a setting that isn't really touched in most games (how many ask you to play as a female high school student after all?) . In spite of <certain time mechanic> aspects it all wraps up pretty well too. After playing Remember Me, the studios first game, I enjoyed the story and setting more than the gameplay and was hoping they could learn from it all for their next game and sure enough they did.
Not sure how necessary a prequel is though, I guess they can tell a decent enough story with Chloe by herself but I dunno, it doesn't feel...necessary? IMO any sequel should be an all new cast, maybe even a different time and place.