It wasn't bad, really, for a Highlander movie. Nowhere near the first one, of course, but the bar dropped pretty heavily after that. Definitely the best of the sequels. Christopher Lambert and Adrian Paul get to wander about with lots of swords, there are lots of flash-backs, and original actors from the first movie turn up! I'm not at all au fait with the TV series (must borrow them from siggav when I've got a spare month), but I liked it.
But wasn't keen on the ending.