The Short Version: Could've used one less dialogue scene and one more car chase.
The Longer Version: Yes, thank Gawd, he takes his shirt off. Thrice. Once, it's even against his own druthers. Now I support consent in all naughty activities, but Jason Statham should just about always be shirtless, unless it's really cold out.
To snag some terminology from the great Joe Bob Briggs (one of the two biggest influences on my own critical self), there's far too much plot getting in the way of the story. And the higher-ups seem to have gotten freaked out by Louis Leterrier's whole deal about Frank Martin being the first big gay action hero, because he gives up the groceries to a pixie-ish red-headed Ukranian chick who looks eerily reminiscent of Fifth Element-era Milla Jovovich (which, considering this was co-written, produced, and released (through his EuropaCorp films) by Luc Besson, makes sense) because she says he's boring and takes ecstasy in his car.
But there's a great scene with a German associate of Frank's, and some excellent fleshy kung fu (including one fight where Statham has to shed his clothing and use it as weapons). Action films are the new dominant genre for Europudding productions (it's a delight seeing Paul Verhoeven alum Jeroen Krabbe as aforementioned Ukranian chick's minister father), and it's nice to blend cultures and languages for a while.
So Transporter 3 is enjoyable enough for a Thanksgiving matinee and for connoisseurs of flesh. The law of diminishing returns applies here, though.