Why T3 doesn't stand up.
I think after lengthy analysis I have discovered why Terminator 3 doesn't stand up to the first two (but it's still better then any recent action flick I can think of, except for The Punisher and Batman Begins).
It's the style. It has all the superficial elements of a Terminator film, but the heart, the soul, the powerful underlying messages and the equally powerful action scenes are missing. To me, T3 feels more like a superhero movie (Spiderman or Superman) rather then a movie about cyborgs. In many ways it was too comic-booky.