Although titles in the Asdivine series can be all played independently, Menace is, storywise, the follow up of Dios. The story takes place around 100 years later than Dios but you will still met some known NPC and see the some of the same places.
The mechanics of this title is closely related but they did smooth some of the irritants of Dios. The endings mechanism is still the same though; after the last boss the first time around you save the game, reload, beat the boss again and choose another path. The new path , which is endgame content, continue the story and end up with new endings. All endings, after credits, are choosen based on the trust level of your teammates.
Overall a very good RPG, recommended.