Came out in 2006. I saw it and thought it was okay.
Now, things are a little more complex. For starters, due in equal measure to "Cloverfield" and "Lost", I have become a J.J. Abrams fan. There may be other factors, but my first-hand- and newfound- appreciation for Abrams is what caused me to revisit this film.
There are two moments that stand out.
The first is toward the beginning of the film, roughly 25 minutes in, when Keri Russell's character (spoiler alert) dies from a micro bomb implanted in her brain. The way they pull that off is cool.
But the second, and even better, moment, comes much later, when Tom Cruises' character storms a Chinese office building to steal a high-tech weapon. A lot of screen time is dedicated to the setup of this scene, including setting the stage for Cruise's character to jump across thousands of feet of empty air to land on the roof of the building he intends to infiltrate.
Needless to say, he does so. But the genius follows.
Cruise survives the acrobatic setup, and then the action transfers to the folks on the ground, on Cruises' team, as they nervously await word from him.
Tom says he'll be out "in five minutes", but several more than that transpire and the folks on the ground get nervous. More than five minutes pass. They exchange nervous banter while waiting.
Finally, Cruise's voice crackles over their walkie-talkies, announcing his success in retrieving his goal but his failure at meeting his exit point.
From there, traditional action ensues as he smashes out of a window and parachutes to the ground. But the best part has passed. A whole sequence has transpired: Tom Cruise battling his way toward his prize within a highly fortified enemy compound. Crazy stunts have surely unfolded, but we see none of them. Everything has been left to the imagination- perhaps the greatest action sequence of all time- and the fact that it's been left to the imagination is what makes MI:III a standout action film.