I thought the action scenes were cool, but not up to the same level as the action scenes in Spider-Man 2. I'm not sure, but I think Raimi decided he'd go with a more jittery camera, and that kind of detracted from the overall sense of wow.
The non-action scenes were just rather...silly. Which is not to say that they weren't silly in the first two movies, but I think they went a bit over-the-top with the melodrama.
I'm definitely glad I saw the thing in the movie theater, though, as it's the kind of movie one should see in a theater ('cause I don't have a ginormous television at home), but I can't help but feel a bit...disappointed at how it could have turned out...
What'd you think?