Despite the announcement, very little is known about what the PS5 version changes. NIS America mentions that it will include all DLC from the Vita and PS4 releases (mostly cosmetic, with some optional item packs) and there’ll presumably be some improvements to visuals.
Since the PS5 release will include all the aforementioned DLC, it’s likely that there’ll be no free upgrade for owners of the PS4 version — though there’s been no confirmation either way at this time.
Deluxe and Limited Editions are currently available via the NISA Europe store. These are both identical to previously released Ys VIII physical editions, aside from the difference in game versions.
Ys VIII overview via NIS America:
Ys returns with an exciting adventure for the first time on PS5TM!
Adol awakens shipwrecked and stranded on a cursed island. There, he and the other
castaways he rescues form a village to challenge fearsome beasts and mysterious
ruins on the isolated island. Amidst this, Adol begins to dream of a mysterious blue-
haired maiden living in a curiously advanced civilization…
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