The exact extent of this renewal seems unclear. D&D confirm it's through to the show's conclusion, but it's not stated how long that will take. A season? A handful of episodes?
Still slowly making my way through the show, I've only watched the first two episodes so far. The show hasn't hooked me yet, and I don't care at all about the VR plotline, but the reveal at the end of episode 2 was the first interesting thing to happen so far. I'm sticking with it until episode five as that's the one the showrunners have hyped.