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QTEs are amazing, only when done right however. Shenmue 2 made great use of them, requiring various combinations and not having you play the QTE sequence again if you pressed a wrong button. Ninja Blade, on the other hand, was a good game overall but didn't offer memorable QTEs, despite being full of those.
QTE is awesome but i wanna make use of the whole damn controller not jus keep jammin one button. Doing cool moves and finishing off with style is epic but you gotta allow the gamer to do most of it.
I prefer the concept of Finishing Moves instead of QTE ... if you want to show a fancy cinematic of my hero being a badass... go ahead, but don't expect me to press a repetitive combo of buttons just to justify your cinematic wizardry.
You need the illusion of competence in order to feel powerful so that if things are too demanding you get frustrated and cease playing. You can see this in MMOs where the mechanics have to be dummed down in order for groups to function because people will simply not interact and they start criticising others rather than trying to figure out what to do. But I notice you need the illusion of power in order to enjoy the game.
I do think QTE is cheap in general, but man! the tortures in GoW 3 are quite satisfying with QTE. I cant think of a better way to reimplement those without QTE.
I still believe that Shenmue's QTE are the best implemented QTE so far... What make them stand out is the fact that the QTE sequences weren't too many, let you make a few mistakes (wich added in tension and realism) and most important, the button that you had to press weren't random, if you had to jump, kick, or do anything with your legs the button was the same that you used for kicking during the combat sequences; the same was for punching or using anything related to arm's movement. This concept was also extended both to the actual fight scene and to the "learning a new move" segments. Even Shenmue 2 last boss fight required a QTE in order to win, but the commands required were connected so well with Ryo's actual movement that it felt so natural to use them that you almost didn't notice it was a QTE at all... As I said the best implemented and absolutely non-invasive QTE so far...
If you use them occasionally, not as a rule, it's ok. But make entire boss-fights revolve around QTE (Asura's Wrath, for instance) is just dull. I'm not the biggest fan of GoW, but at least it used QTE at a few cues and as a finisher -- to give you a scene you otherwise wouldn't be able to get just from hacking and slashing your foe.