I love Dead or Alive. Course, I love fighting games, period...
I like DOA for it's speed, its dynamic stages, its dynamic attack animations. DOA is really flashy and I like it for that reason. I think mostly the ninjas have an answer for everything in the series but I can't really pin point characters tier positions. To me, everyone seem pretty well matched. THough I hear Ayane and Hayate may go a little over board.
I use Hitomi alot. I love her fighting style. Back in 3, if it wasn't Hitomi it was Lee i'd be using. In 2 I used Ein and Zack. I enjoyed 4 but I thought 3 was better. Zack is alot more fun in 4 though. I use Zack, Hitomi and Lisa.
I agree that the counter system needs some type of over haul. Though, all the high level play i've seen, they don't spam counters because of the critical hit system in place. Pros block more then counter from what I've seen. DOA is alike like VF, IMO. But they have their key differences that make VF a frame whore's dream and DOA a frame whore's nightmare. I think if you get hit once, then counter, but fail to properly counter and get smack again then that's it. You should be locked in hit stun and can't counter another three of four times. And maybe reduce the counters to just High/Mid counters and Low counters. I think know there's an input for countering a high punch, then on for low punch, and one for mid punch, and one for mid kick, and one for high kick, and so on... Just stream line it. And counters do shit tons of damage so maybe that should be toned down.
But whatever... I play casually so I won't say my opinion carries much weight. But it's a fun game and the characters are visually appealing to me. And not just cuz of the boobies...