Sure, the actors may not be at their best in this movie, and the designs for the new Cenobites are utterly atrocious, but the biggest problem Hellraiser III has is, despite it's connections to the first two movies, it's entirely different in tone. Replacing the strong epic fantasy feeling of the second movie with cheesy lines and some pretty bad CGI, this movie, while not necessarily bad, is likely a disappointment to fans of the original two.
What did you think about the third Hellraiser film?
(http://fight-evil.com/movies/h/hellraiser3-1992/2.jpg)