I hope it is episodic. I don't think I would have ended up enjoying the last one as much if I had waited until the full season was out and barreled through all the missions.
Using the game as a platform to put in new levels, missions, targets, weapons, etc kept the game fresh for me. It kept me playing for months and it was always on my mind and I was always excited about what was coming next.
I wasn't frustrated waiting for the continuation of the story or something. I was excited to use the time between to dive deeper into levels and master them. Unlocking more items so I could better tackle whatever came next.
I guess it would be fine if they started with a heftier package with a schedule of more missions to come if they are afraid of doing it exactly the same as last time. I just don't want to lose that experience I had with the first season and I don't think just Elusive Targets would be the same.
I think they could just shore up the pricing model because it quickly became convoluted for people who were buying piece-meal. Luckily I just bought the full thing up front.