Never got around to playing it, since it was a prequel I didn't really see why it would be significant to the GoW trilogy.
And from the cutscenes and gameplay I've seen of it, Kratos still has his ashey skin, so it takes place after he kills his wife and daughter.
Wait a second...are you asking about the point of the PLOT in a HACK AND SLASH game? There's never a point to the plot in a hack and slash game. The point of any new hack and slash game is to give players more hack and slash. That's always the point. No one should be playing GoW for the plot anyway...outside of the first game, the series' plot has been a mess with plotholes and retcons throughout. The point is Kratos killing stuff.
Pretty sure the point was to squeeze out any remaining brand value out of the franchise to make a quick buck and hit some sales targets.
Also, the point was also to stuff a multiplayer mode that no one wanted down out throats since this was a period where EVERYONE was adding a lackluster MP mode to their single-player series. They were clearly promoting the MP mode first with this game and the campaign mode seemed like a tacked-on mode they put out just to sell the MP.
It was horrible. They changed a ton of the SP mechanics to match the MP, they abused the rage meter to always be building up and auto-activating so you couldn't even save it, they locked a bunch of normal abilities from previous games so you could only use them with rage which limited your options, the magic is horrendous and useless and requires a ton of EXP just to unlock a spell, the side weapons were all useless and nerfed outside of the shield that was only good due to a glitch, almost all the bossfights were terrible but one and the game was clearly rushed out as there were glitches all over the place...the patches for the game were massive and most of them were just to fix MP issues while they largely ignored the SP glitches.
Plotwise, it's a prequel and it about the Furies wanting to kill Kratos because he murdered his wife. There's also some annoying retconning where they imply that nothing that Kratos did was his fault which was pretty lame since that's part of what makes him interesting. They've had a unique character in Kratos and have done nothing but try to make him a cliched "sympathetic hero" in Ascension and in this nuGoW game.
And the worst part is the game suffered with bad reviews and sales and Sony came out of this saying "gamers are getting tired of the same formula" rather than blaming themselves for the mistakes and changes they made that were the real reason why the game suffered. So now we get this casual nuGoW garbage which isn't even hack and slash anymore because Sony can't even admit to themselves that they fucked it up with Ascension. Arrgggh.
I guess if you're a massive fan of God of War it's worth playing because you get to enjoy the same kinda stuff in previous games.
Only problem is this isn't true...I'm a big fan of the previous games and the combat in Ascension was a massive downgrade. They ruined so many systems, had lazy mechanics and limited your options in a ton of fights...some of them even required you to use a certain cheap tool which isn't how H&S is supposed to be balanced. I'm baffled at other responders saying it was a good game since, mechanically, it was a disaster and paled when compared to GoW 1-3.