I like the Ares V alot more than the Ares 1, or better yet the Jupiter rocket class.
The problem with the Aries one, is:
Performing under specifications (aka it wasn't lifting the amount they expected it to = less astronauts)
Had serious vibration issues.
Used Solely Solid rocket boosters for Human space flight, which are not very controllable nor smooth.
Low(er) ISP rating
Advantages:
Used Proven technology
Used existing production line
I'd prefer them to use a hybrid engine, as these have the advantages of both solid and liquid, with only a light hit in isp rating. But the technology doesn't have very much background testing and with good reason new technologies aren't used in the Human Spaceflight program.
This summer I'll hopefully be working with the Alaska Aerospace Corporation, and getting to work at the Kodiak Launch Complex working on rocket stuff.
http://www.akaerospace.com/