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I don't know that I necessarily agree with your assessment that it's no longer good, but what I would say, is that where this series once had a very strong identity, it lost that somewhere along the way, and has been in a constant struggle to remake itself ever since the original trilogy ended. One year it's all about naval combat. Next year it's all about co-op, and back to a single large metropolis, with no traces of the naval gameplay everyone loved whatsoever. Then the year after that, they decide that no multiplayer at all is the way forward, and multiple protagonists will enrich the storytelling. One small hiatus later, and suddenly the game has morphed from a fast-flowing action game, to a fairly rigid RPG. And that's not even getting into how much they've dialed back on the overarching story thread of the games via animus (for better or worse).

This upcoming game is actually the first time in ages that they are showing any consistency with the direction they want to steer this franchise in a long time.