The current version does fix up some of the original issues like no lock-on and Style being far too easy to reach SSS. That said, the writing for the characters are weaker (especially compared to 3) and the story is essentially a re-thread of "They Live!"
The story in DMC games has always been pretty cliche and stupid. I will get behind people's complains about mechanics getting simplified but Story? I think that's a bit of nostalgia talking.
I can't gauge the value of the story for 1,2 and 4 but 3's was pretty good from what I have seen. That's the standard most DMC fans seems to hold up DMC storytelling. Plus seeing how DmC never got a sequel after all these years, I guess no one else at Capcom or Ninja Theory nor the game's fans thought this game needed a continuation (though Capcom seems to be doing Pachinko DMC instead).