I thought this movie had it's funny parts in the theatre, but the same jokes fell kind of flat when I watched it again on DVD.
The first 2 movies have much more of a "Repeat-ability Factor".
Also, I felt that the movie was hurt by me having just seen Undercover Brother prior to seeing this, and just don't think that Austin Powers did the blacksploitation (spelling?) think nearly as well.
Beyoncé (spelling again?) took herself way too seriously and wasn't nearly as entertaining to watch as they would have liked if you were just watching the movie and not her cleavage.
Not to mention that they took the most interesting character (Scott Evil) and turned him into Ron Howard