General Kaliero
F = ma, beeyotches.
Yeah, Zasalamel being gone really bugs me.
The story mode depresses me too, because it's all centered around Sophitia's kids, and half the cast doesn't even appear in it. The convoluted individual stories of the previous games are gone, and the focused story feels like so much less content.
Then there's the custom character pieces, which unlock with levels gained by fighting matches, and since Arcade Mode doesn't offer any individual stories now the most efficient way to do so is to fight online. It's a lot slower than by buying them like before, plus you can't control what unlocks when.
Basically, except for nerfing Guard Impacts (they needed it, games were getting too defensive when even safe attacks could be countered and punished), and possibly deeper customization with stickers and patterns, I'd say that SC4 is a much better game than 5 at this stage.