I know I was rather disappointed in CoV when it first came out for the same reason many have already stated here -- you don't ever really seem truly villainous. Yes the stories/writing is better and the zones are more detailed (sometimes in a good way, sometimes not), it flops in never allowing you to feel like a true villain. And I'm not sure how one would fix that without an overhaul in stories and missions that have you doing truly dastardly and unseemly things worthy of a supervillain instead of a street punk.
And maybe it's just a mental thing, but when you're a hero, fighting throngs of lackies feels super and heroic. You're taking on the bad guys and winning. But do the same thing as a villain and it doesn't work. It doesn't make you feel evil. The only thing that distinguishes what you're doing as a villain versus a hero is the mission text, e.g., kidnap instead of rescue, robbing the bank instead of stopping the robbery. But ultimate the game plays 99% identically no matter which side you're on.
Having unique ATs and powersets helped to give us a reason to play redside, but with everything proliferated and with being able to change sides at will that's gone.