I was kinda disappointed with this one. I liked it, but I didn't love it like the first two.
Some of the jokes (mainly the death of King Harold scene) dragged on way too long, and parts of it felt rushed to me.
I hated Merlin, what an annoying character. And Fiona's friends (the Princesses) were kinda annoying too (Snow made up for it later on though).
I think they should have put more time into it.
The first two were great (Shrek 2 will forever be my favorite of the three movies), but this one didn't live up to them in my book.
I may warm up to it upon a second viewing (keep in mind, I was in a theater packed with TONS of kids...distractions galore!)