I'll just come right out and admit it: I enjoy the Resident Evil movies for some strange reason. I thought the first one was the best, the second one was ok, not great, not bad, but I think the series might be on a bit of an upswing with Resident Evil: Extinction.
The story (like that matters much) is a bit weak, but the whole reason for watching a Resident Evil movie is the zombie killing and the sense of hopelessness as the world is consumed by them, and the struggle of the survivors to stay alive.
I'd rate this one as better than the second one in some ways. I still think that the first Resident Evil movie is the best, although I think the picture quality of it on Blu-Ray leaves a bit to be desired as it appears a bit soft. The picture quality of this movie however is fantastic, except for some laugh-worthy digital manipulation of Milla Jovovich's face to make her look 500 years younger (hey filmmakers--we can see that you digitally attempted to completely smooth over her face. Her face is fine as it is and what you did was just make me laugh every time it appeared on screen with the bullshit smoothing applied--yes, they apply it some places, but not others. Go figure).
Hopefully the fourth movie will be more like the first and better executed overall, but like I said I'm a fan of these movies for some strange reason and I think this one is pretty decent overall (for a Resident Evil sequel--people who aren't fans probably should rent or catch it on cable).