I saw the first two years ago and thought they were just okay. Lots of people don't think the 3rd film should've been made at all, though. The director, Victor Salva (who also made the first two), is a convicted child molester. He molested a child actor from one of his films, Clownhouse, from 1989 and videotaped himself doing so. He served 15 months in prison for it.
Many think he shouldn't be allowed to make movies, but others have a "separate the art from the artist" philosophy, so I wondered where you stood. I personally think he should still be allowed to make movies, but no one under 18 should be allowed anywhere near one of his sets.