I don't think there's much more to be said about Other M's story or gameplay that hasn't already been discussed countless times in various internet discussions or even freaking essays. I like to think of the Retsupurae's watch of the movie-mode as the final word on the subject. Although, I do really like TheMightyBox's theory now, heheh.
I mentioned this on Steam a while back, but of the three reviled franchise ruining sequels/reboots, Other M, Lord of Shadows, and DMC: Devil May Cry, I actually find Lord of Shadows more irritating and offensive than Other M and DMC.
Other M strikes me as an honest attempt at a good game that fell victim to being rushed like crazy. The gameplay has seeds of goodness, smooth controls and whatnot, but its dragged down by a lack of polish or refinement. The story reads like a first draft of a story after the first brainstorming session, with no one having proof read it to encounter the glaring character inconsistencies, plot holes, offensive bullshit, and general narm. If the story had spent more time in development, and had undergone some generous editing and rewriting, I don't think it would have been the travesty it ended up being.
Lord of Shadows on the other hand feels like the developers didn't even try. They had all the time and money in the world, and so they used it to just copy-paste CV names on to a generic God of War clone in a Lord of The Rings fantasy setting with vampires, then made a super edgy sequel where you play as Dracula and kill families and cut yourself because so edgy. It doesn't have that rushed or "well this could have been good if they'd spent more time editing and cutting the bullshit" feel that Other M does, it just feels like they didn't give a fuck about staying true to CV's charm.
DMC is a mediocre but inoffensive hack and slash that feels utterly underwhelming in the wake of Platinum's titles and even the previous DMC's. Story is juvenile trash too, but unlike Lord of Shadows, it at least stays true to the gameplay of previous titles (even if it doesn't do a great job). And unlike Other M, it's a reboot, so you don't have to worry about ruining a likable character. I consider it the best of the three, actually.