I mentioned a lot of those points (the removal of multiplayer, realtime battles in the world, the lame battle system, scrolling screens, gameplay changes, etc), but the point about the questionable quality of the graphics is a good one. If it's five years newer than QFGIV, why does QFGIV look better, overall?

And those character models... they didn't look very good then and they look pretty awful now. At least the backgrounds are decent, even if they aren't up to classic QFG quality.
I didn't know that the characters were voxels. Interesting.
Oh yeah... and Dynamix's last game? Really? They had other games around that time too, though... StarSiege, StarSiege: Tribes, Tribes 2, Return to Krondor, etc...