I dug it.
I dug the Saturday Night Fever stuff, the enthusiatic Topher Grace parts, the always great Daily Bugele parts, James Franco's Jeckyl and Hyde stuff, the outstanding Bruce Campbell cameo (I would totally buy into a Bruce starring Inspector Clousou movie), and some pretty decent superhero mash-ups.
Is it great, naw. Its still better then the majority of the recent spate of Superhero flicks, and I didn't feel let down, despite not liking it as much as the previous films. And considering we've got a third overlong Pirates film, a possibly PG-13 Die Hard, Rush Hour 3, Fantastic Four 2, and assorted other shitty movies, Spider-Man 3 might be the best blockbuster flick to play this summer by default.
at least until The Bourne Ultimatum comes out.
There are well documented cameos that I remember hearing about (where is Chris Tucker?) from pre-production that aren't in the theatrical cut.
if his part consists of him getting eviserated by Venom, then then S-M3 goes up a whole letter grade.