It has a relatively small but dedicated player base still, and gets one or two balance patches a year. Generally pretty easy to find games in quick match, ARAM and ranked mode, but unranked draft is hard to get into (was always a less popular mode).
Game is still fun if you enjoyed it when it was more active, just don’t expect frequent updates unless Microsoft suddenly sees some massive potential for profit and funds it heavily out of nowhere for some reason.
Pretty new to fighting games, myself, so I’m not personally excited for Third Strike, but I’m happy for everyone who is! Very much looking forward to GGS, GBVR, and UNI2, myself. Tekken 8 and SF6 should be fun to watch, too.