Worse of the three? Yes. Entertaining to watch? Yes. It's got it's share of good moments, but it has it's share of god-awful moments to even them out (everything with Parker Posey).
I didn't mind the guy they picked for Dracula, that was an interesting choice and it would have been nice to see a 'new' Dracula, but putting him in leather pants and an open shirt was too much. Looked too....gay to be honest. I'm no hompohobe, but it's hard to be intimidated by someone dressed so camp.
The fights, well they were pretty good. Occasionally too choreographed and slow and occasionally too hyper edited, they aren't as good as the fights from the first two, but the shaky-cam is nowhere near as bad as say Chronicles of Riddick or Bourne Supremacy. Sometimes the camera is panned out and still showing you the action, sometimes it's up close shaking all over, but there were only one or two moments where it was too much and I had no idea how a vamp had died. Pretty good to be honest, Reynolds certainly saved the picture and I have nothing to add about his performance except his actual character is weak (in fighting terms).
My biggest problem was that it didn't feel 'Blade', after a great opening action scene it just wasn't dark enough. The rest of the film wasn't as gritty. I definitely enjoyed watching it, and I'll definitely pick it up on DVD. It's not great, merely good, but it's hardly awful and if you're even a passing fan of Blade then I'd have to recommend you check it out, you're almost certain to enjoy it on some level. Goyer isn't a great Director, but he's also not a bad one, he handles the film well enough and I hope that they make the future-set apocalypse film they had planned and get Del Toro back to end it on a high(er) note. There's still one shot of life left in this, I believe.