Flawed, flawed, flawed
I am a huge fan of the first two films and was very excited when this one came out back in '94, but was tremendously disappointed with it. It has absolutely none of the elements that make the first two great.
The first two were great because they took themselves more seriously. The third more or less made fun of itself, which seriously damaged its credibility with fans of the first two. It's almost like they made the first two in a similar feel and fashion, and then decided to completely deviate from the successful formula and overload it with badly written (and even worse-delivered) comedy.
BHC3 is absolutely nothing when compared to the first two. As a standalone film, it certainly seems acceptable, though mediocre.
BHC1 is the best of the three, but BHC2 is nearly as good. BHC3 is barely worth mentioning in the same breath as the first two.
That's the way it is, people.