Perhaps even more exciting is Ys Origin, a prequel game that never got an official English release. XSEED plans to put that out on Steam at a later date.
If you've never played an Ys game before, think old-school Zelda with more storyline. And even though Felghana is technically the third game in the storyline, you won't be lost if you jump in there. Basically, all you need to know is that Adol Christin is a really nice guy who will solve everyone's problems and kill everyone's monsters.