I personally adore the cheesy bits, because save for the awesome Sandman sequences, the rest of the film feels soulless and tacked on. I've always adored Raimi for his camp - it's just here it's awkwardly placed. And not random, awesome camp like the "Raindrops" sequence from Spidey 2.
I place a lot of blame on Raimi, simply because as a director, he does have the execute the vision - even if he doesn't agree with it. If he really hated everything as much as we've heard (and now read), he should've just walked. I know that's probably tough, because he worked his way up the studio ladder the hard way, but that probably would've been for the best. Even if he hits Spidey 4 out of the ballpark, Spidey 3 will be a blemish on the series.
The thing that irks me the most is between Sandman and a few other bits, there was probably a concept for a great Spider-Man film in there somewhere, but Raimi just didn't give a shit.