The music, menus, color palette, and stages missing is a big deal because it changes the entire atmosphere. Imagine if Main Street in disneyland suddenly switched to an Oil Refinery instead of an old timey avenue, but all the shops were still there. Same kinda thing.
As for characters, its missing content in that Leon, Ein, and arguably Tengu are missing, though that was only due to time constraints, and I look forward to them in the next game.
5 has absolutely zero good levels, unless you count the wrestling ring. None of them are visually appealing, most are just generic grunge, with no color or anything, which was always a hallmark of DOA: the stunning visuals. DOA4 at least had the sakura garden, the monkey staircase, the nightclub, Doatec tower, etc etc. The only level in DOA5 with any sort of engaging visuals is the jungle. And there's nothing THERE. I was expecting the snake to be a hazard, at least, but NOTHING. In DOA5, the safari and jurassic jungle levels had hazards all over the place, and both were beautiful to look at. DOA5...again...nothing special. Every level is boring to look at, and boring to play. In past DOAs I always had favorite levels (Doatec tower, the forest, and ninja base in DOA3, Clock tower, Forest, Great Wall, and the other chinese rooftops level in DOA2U, Jurassic Park, Safari, Nightclub, Vegas Strip in DOA4) that I'd pick. in DOA5? Don't care, I let it sit on random, since the levels suck and there's almost no real difference between most of them.
Those "more guaranteed situations" are EXACTLY why I don't like it as much as past games, and consider it to take less skill. Having to work for each hit you land takes more skill than using a setup to land a bunch of free hits. Again, if they made it so the opponent could counter of all juggles/combos, we'd be in a game based ENTIRELY on player skill, and that would be fantastic (Though I do think they'd need to use a 6 point hold system to balance that out, plus a few other tweaks.). Sure, you could juggle/combo in previous games, but they are much easier to do now.