Same here. I would certainly consider Live Free to be the worst entry in the series, but on the whole it really isn't that bad. I just wish Bruce had actually given a shit about playing his iconic role again and that they had given Timothy Olyphant more to work with as the villain.
As for who turned it down? Well they couldn't keep the "McTiernan directs the odd-numbered ones" going, that's for sure. Also, I am guessing that either Len Wiseman turned them down or had a scheduling conflict, considering Willis seemed deadset on getting him back only a few months ago. The real question is when is this sucker going to hit theaters? Looking at Bruno's schedule, I'm guessing summer 2013.....................which is odd considering they just hired a director. The only way Die Hard 5 will see release in 2012 is if The Expendables 2 doesn't film this year.
Here's Bruno's current line-up:
Catch .44 (2011) (Completed)
The Cold Light of Day (2011) (Post-Production)
Set-Up (2011) (Filming)
Looper (2012) (Filming soon)
Lay The Favorite (2012) (Pre-Production)
The Expendables 2 (2012?) (Pre-Production)