I'm not a big DMC fan, and I'm not totally sold on Ninja Theory's gameplay skills (certainly not terrible, but not excellent in my opinion) but after Enslaved I can't help but be a little bit interested to see what they do on the story/performance end of things.
Oh man am I with you there, but in fairness to the writers the gaming community has spoken and they have pretty consistently told videogame writers that we accept this a good writing.
I'd fire up a list of what I think are the silliest, most over-written and convoluted plots ever to appear in a videogame but the list reads too much like too many other users' "Best Videogame Stories Ever" lists, and I'm not in the mood to be flooded with the standard "your just not smart enough" or "you just didn't 'get it'". :)
(PS: I purposely misspelled "your" for the full effect, so don't bother)
I'm not convinced #3 applies to age, or that it's even true.
Good stories were just as rare back in the day as they are today. Nostalgia combined with lower expectations and selective memory tend to, as Matty stated, overshadow the reality of yesteryear's gaming landscape.