So the DOA franchise is pretty well known for it's "plot armor" and "sighting system". What I mean by that if you haven't caught on is for the surreal TnA it presents. Now, I admit that, yes, the game would feel like Team Ninja focused too much on the aesthetics, but don't let that fool you. The game itself is considered in e-sports tournaments with cash money.
Being a long time fan of the DOA series, it was obvious that I had to pick this one. I will say that they vastly improved their graphic engine from the last one so fighters have somewhat of a more realistic look than the typical anime that it had (DOA4). The mechanics are the same, you have attacks, hold and grabs. The triangle system. think of it as rock, paper and scissors. The gameplay is smooth and with the addition of stage danger zone, it feels much more fast paced.
Story wise, by now players should know that fighting games tend to suffer the low quality story syndrome. There's really not much going, just a sequel where things are after DOA4. So there's really not much going on for reviewing on that. I enjoyed the story, but that's because my standards when I started playing this game weren't that demanding. You get to play each character according to the story so on and so forth.
Graphics as I mentioned earlier are improved. They used a whole new engine (I think) which gives fighters a more sophisticated face and looks. This could be argued, but in my opinion if you compare it to the previous games, you will definitely see a difference. Boobs are much appreciated this time around (lmao!).
Soundtrack is equally as good as the gameplay, which is a big plus in my book. Fitting music for each stage.
Replay value depends greatly on you, the gamer. How much time you are willing to practice and play. Add to that the multiplayer and you will be probably 1 to 2 months playing the game until you feel satiated. It took me longer, but hey...that's just me.
I will say that the biggest downside is the huge amount of DLCs they had been releasing for the past 3 years since its debut back in 2012 and mostly they are just costumes. So unless you want to play as Kasumi with some string bikini, then by all means, otherwise keep your money in your wallet and use it to unlock the new characters in Ultimate DOA5. It's a huge money sink and it's one reason why people aren't bothering playing it more than it can offer, but that's just about it for negative feedback.
Overall, this game isn't for everyone. I would suggest this game for fighting game players and much more if they are DOA fans or have been following the series for some time.
tl;dr: DOA5 improved greatly from it's predecessors, still has TnA as gratification, but overall gameplay system was well developed. Ignore all those costume DLCs that develoeprs are trying to shove you most of the time. Game isn't for everyone, but you can try it out.