I agree with all of your point. It lacked heart, it lacked soul, it lacked character. There some intriguing ideas (the Picard clone, the internal struggles of the Romulan Empire, people taking different directions), but they are never developed into full form. The script really needed a rewrite or two, ditch some stuff (B4, the Nosferatus), and get more character moments. The visuals are amazing, but it's the icying without the cake: you just get nauseous.
So I agree with all of your arguments, but not with the conclusion: it was really that bad. If could have been good, but they should have needed to rework it from scratch, giving to us what was almost another movie, with a similar plot but very different results.