Recent reviews by ZinoHunter

After ~60 hours with the PS4 version of this game, and ~2 hours with this version (Core Fighters), I can safely say that DOA5:LR Steam is almost the same game as its 'next gen' counterpart.

First off, at its core, the gameplay is the same. You get the same fast, fluid, fun fighting action as you would in any version of this game; it's 100% intact (which should be the main priority for any fighting game). A few characters seem a little easier to win with than others (esp. DLC characters) but that's to be expected of any modern fighting game. However if you're playing the Core Fighters version (like me!), Kasumi & Hayabusa are more than good enough to get your feet wet online.
Secondly, having previously played the full version of this game and just now playing the Core Fighters version, I have to say that for a F2P title Core Fighters gives the player a lot to do from the start. Except for Story Mode, you can play every game mode with the 4 free characters given to you: Kasumi, Hayabusa, Ayane & Ein Hayate. That's Arcade Mode, Time Attack, Survival, Versus, Tutorial, Combo Challenge & Ranked Match. You can still earn costumes and titles for all 4 starting characters by playing these modes, too. To some, this isn't going to seem like a lot of content, but for others, everything you get in the F2P version is what you'd expect from a fighting game in 2016.

I've seen a lot of people complaining about this port, and the main issues seem to be:
1) Lack of online lobbies
2) Arcade port graphics
I'll admit that not having online lobbies to play in with friends is a bit of a let-down, but most of my time with every version of DOA5 has been spent in Ranked Match anyways, so I can't really weigh in on that one. As for the 'downgraded' (although not really because DOA5LR is technically still just a port of X360/PS3 DOA5) graphics...I can honestly say they don't matter all that much. You can increase the resolution and the quality of shadows to make up for this issue, but the games art direction and overall look are almost identical to every other version of this game.
As for other issues, I tried playing with Keyboard, 360 controller & DS4 controller and had no issues with any of them besides having to remap a few buttons. Achievements are fully implemented and working. Netcode is alright, but can take around 1-5 minutes to find a match. DLC is really overpriced, but of course you're not expected to buy all of it (also besides characters it's all just cosmetic fluff anyway).

To finish up, I'd say that if you want all of DOA5:LRs characters & story mode, wait for the 'Full Game' DLC pack to go on sale. Don't judge this port based on launch/early reviews; the game works and is both stable and good looking enough to play. If you just want a few characters to get stuck in with Tutorial, Arcade Mode or Ranked Match, definitely download Core Fighters and give it a chance.