Bayonettas parries felt amazing, and i like how DmC has implemented it so far(really need to mess around with it more on the normal mobs). Not that the system in DMC3/4 was bad at all, i just found Bayonettas to be better personally.
I prefer facing the enemy. I just feel it's more realistic then being able to parry any attack from any direction. I also think it takes a little more skill.
I don't get this obsession people have with realism in games.
I'm not saying I want the entire game to be 100% realistic, but some things I just prefer to be realistic. I don't like pushing a button and blocking any attack from anywhere. Best example is Batman AC. A thug is going to hit you with a pipe? Just hit triangle and Batman will auto block anything. From any angle, he sees it. Hell, even in the cartoon and the comics he couldn't block stuff he couldn't see. I just like certain things to be realistic.