... For the worst? This "The monsters were actually hallucinations" thing felt lazy on Netease's end. I could've accepted this reveal once in AOM I, but twice is pushing it.
To better gauge the significance of this system, Identity V announces around 6 new characters a year, though the frequency of upcoming character content has slowed down with time. With this new system in order, some SNS character introductions double as an identity switch, and their ingame debuts have all been followed with a fully-animated, cutscene-packed event for their respective lore. Players wait maybe a year or two for established lore to get expanded on. That's fine, that's what we signed up for.
What disappointed me was how little of the internal politics and relationships that occured during or before "AOM II" was shown. It was one of the weaker storyline updates to follow Norton's identity switch ("Fool's Gold"). From Alice's perspective we were able to get an air of tense familiarity with all the guests in her game, but that was something we already knew from the letters. The development between Time of Reunion and "Ashes of Memory I" felt delayed by the bloat of Ashes of Memory II. The cherry on top? "The monsters were actually hallucinations."
Hullabaloo's storyline event exceled where TOR/AOM didn't while also presenting Joker (and Mike for like 4 seconds) as hallucinated monsters, so I do have hope that where the system lacks the story makes up for. Again, TOR/AOM was the very last recorded game that occured at Oletus, so the developers have incentive to milk the AOM cast's likeness without having much to say.
I don't hate AOM/TOR. It's not completely devoid of new information — we learned the origin of Mary's ghost, Melly & Frederick's grounds to attend the manor game, and the Norton fans got a stupid bread scene that IDV Tw*tter couldn't put down. I'm upset that it shot my favorite mystery's foot. It's very likely that when TOR/AOM's storyline wraps up, it'll all be as satisfying as Hullabaloo's sequence.
One of Identity V's strongest points is its ambiguity and openendedness for the same reasons we might enjoy mythology or cryptic beasts. The franchise does take advantage of this using Lovecraftian frameworks, its why they're able to milk their characters every year so that they don't have to write the story in one sitting.
When thinking why the two player factions exist (outside of their roots to DBD's format), it makes you think about why some hunters earned their fate as hunters, and what separates them from the survivors who themselves committed many if not more moral injuries than the hunters. I was pretty disappointed that with the alternate identity system, the developers started its early order by chalking it up to the cousin of "it was all just a dream" when they've already struck gold retaining the mystery of what hunters are.
This is why Luchino is the alternate identity system's saving grace by tapping into the ambiguity of Identity V.