With the first two spider-man movies being good, they were always going to be a hard act to follow. Alas, this movie isn't as good.
It's not unwatchable though - there's some really cool action sequences in the movie where you want to shout and scream along with the action, and the baddies - for there are three - are quite fun an entertaining.
But...it's not flawless. The multiple bad guys - needed to make the plot really work - detract screen time from each other and don't give you quite enough time to see their development build it's obvious the filmmakers wanted you to.
Similarly, Peter's character development isn't as good. Previously, we've seen him struggle to make the right choices for the right reasons. Watching him struggle to make the wrong choices just isn't as fun.
But meh, it's still good fun, if you're prepared to laught at the aburdity of it all and not put as much stock in things as you did in the first two films.
I bet they make a forth.