Storybook v7 is an essential tool for building and testing frontend UI components and pages. It is typically used with Vite for easier scaffolding and integration. This version also offers powerful addons and out-of-the-box integrations, making development faster. The functionality of Storybook can be extended with plugins and it supports React and TypeScript to build a component library. It can also be set up to work with Ionic Framework and Angular. Helpful examples are provided in tutorials and videos. To get started, simply run npx create-next-app@latest command to create a new TypeScript project.