This is an interesting premise, but I was worried when reviews for this feature-length OVA were generally bad. As in, "Green VS Red" is one of the worst Lupin films made, a pure cash cow and nothing more. After having seen it, I think it was actually quite decent. It was even close to being one of the most interesting Lupin films produced, enough so for me to recommend it over fan-favorite "Castle of Cagliostro." But poor editing, writing and director decisions weigh down all the potential of the plot, making it all the more frustrating. The plot is difficult to read only with subtitles while watching the film. We see that Lupin has been sighted throughout the globe, but with "different faces and clothes," as if there were hundreds of Lupin the Thirds throughout the world. A short montage shows all the Lupins from past films, television and ovas, all on the run from cops with jewels in hand. It tries to explain why all the Lupin's from past films look slightly different, instead of simply stating that different animation studios would make his smile slightly crooked. Eventually, most of these Lupin's get captured and arrested, save for two side characters, a green-suited Lupin that challenges himself to steal one of the most heavily-guarded corporate treasures, and a red Lupin, named the real one, who challenges the green one to beat him in the heist. All the while, Zenigata, Goemon, Fujiko and Jigen get involved as well. Only Goemon and Jigen seem to know who the real Lupin is, and Fujiko couldn't care less as long as the successful Lupin gives her the treasure.What you miss (that I read on Wikipedia) is that the real Lupin mysteriously disappeared for a time, and all the fakes came out to take his place in his absence. This is never really explained in the film, making you question if some strange cloning plot (like in "Mystery of Mamo") was at work here. It's difficult to tell if the Red Lupin is really the real one, the only clue being a ominous dialogue sequence between him, Jigen and Goemon when he first makes his appearance. The movie is really all about the Green Lupin, who we see as a simple restaurant staffer at a local pub, working with a woman reporter who happens to be very similar to Fujiko, and under a mysterious old man who frequents the store that happens to know more about the real Lupin than anyone. The Green Lupin gets odd flashbacks and daydreams about living Lupin's life, making him figure he must be the real Lupin, or else desperately want to become him. It's interesting character drama, and the main reason to watch. The heist and treasure itself is barely worth mentioning, almost identical to other past exploits.
That character drama is really darn compelling, and the Lupin fanservice that references every past Lupin would surely give fans a chuckle. But there are so many other issues with the film. The pacing is way off, especially at the beginning. We never get a good reason about who all these Lupin's are, or why they all pretend to be him, and where they came from (are they possibly just running off legends and news stories, or did they get their interpretation of him elsewhere?). Who exactly is the mysterious old man that knows so much about Lupin? The two additional side-Lupins who happened to avoid capture are mostly comic relief and commentators, but what ultimately happens to them feels rushed, unrealistic or just plain odd. And there's a giant mech that comes out of nowhere to join the ultimate battle, but has zero involvement in the battle or events in hand, as if only to wake you up at what the writers thought is a crucial moment (I wish I made that up). Finally, the ending will be confusing unless you notice one subtle clue in the last frame as to which of these two Lupins ultimately survive. It suggests that Lupin the Third is an endless identity, that he will always exist as long as someone replaces him, like Zorro or Batman. And yet, no such case for Zenigata, Jigen, Goemon or Fujiko, who we assume will grow very old before leaving Lupin to have new adventures in a more modern era for future episodes. To some, that's a good ending, but it feels like it wasn't thought out.Animation is solid, if only because of how recent the film is. Music too, which has a couple quiet songs in addition to exciting ones and the classic theme. You'll also hear a bit of English dialogue in the Japanese dub for international characters, which feels laughably poor.This could have been the most interesting, exciting, and fan-pleasing Lupin adventure made. And it comes close, all the ideas that would have made it that appear in the film somewhere. But I wrote the longest paragraph in this review complaining about what this film does wrong. It feels like a rush-job to celebrate the anniversary instead of the inspired story you hope for. It does a lot wrong, and desperately needs a do-over. Until then, it's better to pretend it never existed.