So here's a question in regards to LS since we are getting nearer to s2:
As i understand it they give a new part of the story every week .
However once you complete that weeks episode are you locked out of trying it again ?
Can you only play the story instance once or will it reset after a period of time so you can run it again ?
If you can only run it once that would be annoying in case you miss anything .
From the sounds of it, no, you're not locked out of doing the instanced "story" side of i once you've completed it once. They even said, there would be achievements tied to doing them, that were hard, so that implies running them over and over until you've gotten all the achievements.
Bear in mind, Season 2 for Living World is being a bit new for all of us, due to the change in format they're making. So while we can guess a lot of things, nobody's really sure how things will pan out until we see it start.
From the sounds of it, Living World updates from this point forward will generally be two parts. An "intro" story instance for you (and a party?) to do, which lays the groundwork for what that episode is about. Then, there is open-world content to do (new zone to explore? new meta-events in existing zones? etc). Both were, in the past, repeatable (the open world stuff obviously would be), so I don't expect that to really change.