There was a very long break between Parallax Audio's first and second version of Virtual Sound Stage. I think the second was basically a totally different product. I imagine that the third version (if it is completed) will be as different from the second as the second was from the first, but I'm not holding my breath. In hindsight, both versions were overpriced and underwhelming, which was a genuine disappointment. I really wanted to like this product and use it on everything. However, I DO think that it can be very useful as a panning and volume tool for orchestral templates. The stage placement sound just wasn't up to the level it needed to be.
Moving on from my opinions, here are some messages / updates I received as a VSS customer:
"Hi there,
as my study approaches its end, I am excited to announce that I joined a team to create a new music software in which VSS 3 is going to be integrated. To make sure that what we will create fits your needs, we want to ask you some questions. Please take five minutes to answer this short survey.
Begin Survey
Thank you!
Gabriel from parallax-audio"
I took the survey and later that same day received this response / newsletter.
"What is this new software ‘VSS 3 is going to be integrated in’?
We don’t want to give away too much at the moment, because the project is still in its initial stage. But we’ll keep you up to date as the development progresses. The customer survey was so insightful and you shared so many amazing ideas that we would love to build a steady feedback loop with you guys. When we have settled all the basics I will send you an email where those of you who are interested can subscribe as alpha testers and advisors.
What about VSS 2.0?
Before the new project will overwhelm me with work I will be able to release an update of VSS 2.0 with some crucial features you have requested. The version is currently in the testing phase and I hope to release it within the next two months."
A few months later in May of 2018 there was an update, version 2.0.1:
"Hi there,
a new update for Virtual Sound Stage has been released. Besides some some general improvements, it includes two useful new features:
Groups
Instances can now be organized in 8 separate groups, each with its own stage and microphone setup.
Early Reflection Diffusor
A new optional diffusor has been added to the Early Reflections section. It's designed for very dry and percussive sounds, but can add a smoother feel to the early reflections on any input material.
Additionally, some of the parameters can now be automated."
There may have been other updates, but during the last couple years I unsubscribed from a wide variety of audio and music related newsletters, so it's possible there has been progress and teases, but we'll see. Or maybe other people will see. I can't speak for other products that VSS competes with, but you're sure to find knowledgable users here who can fill you in, or even posts from people who have already discussed some specifics in detail.