Story is usually the mainstay of any RPG (I was actually fond of the storylines in Guild Wars; I largely chose to play it as a single player RPG with henchmen).
DS3 was lacklustre in this, though not offensively so. An innocuous storyline of "fight the evil/misguided person"; you know what you're getting early on.
Then comes the ability to configure it to your play style. It tanked hard on that (no ability to remap keys.. In this day and age? You're kidding right??)..
Saving: This game uses Save Points.. You what? Really?? This is an evil spawn of the days when there weren't the resources to have regular saves when you thought you needed them (i.e. someone turned up at your door inviting you out for a beer; you don't want to have to say "Hang on for 20 minutes while I find a save point for my game").
Graphically.. About 5 years behind the curve. It's pedestrian at best, but hey, that's the icing on the cake stuff.. I can live with that as long as story, configuration comfort and the rest live up (which they don't).
Definitely agree that the looting is just rubbish. There's not the diversity of the high end gear (is there really any high end gear apart from the last purchase point, and to be honest, that's not that great).
It's a braincandy game that's not truly offensive (apart from the consolitis of the save points and lack of key binding config), but definitely not worth the "new game" price. Pitched at around £15, it'd be a fair(ish) deal, but at around £30? Not really.