A definite improvement over Golden Axe 2, still absolutely nothing special however.
Originally not released outside of Japan, Golden Axe three offers a bit more in the way of gameplay by introducing unlockable characters and a non-linear route to final boss. The graphics are merely adequate, not pushing the Mega Drive potential in the slightest. The backgrounds are mainly bland and generic but not to the point of being distracting, if that makes sense. There are only about five character models for the villains and about two different (and rubbish) music tracks. The sound effects suck, the combat is painfully limited and the character magic is utterly unimpressive.
Despite all this, I didn't feel like turning it off in disgust and stuck with it until the end. I had fun, not lots of fun, but still felt like I had played a semi-decent game. Skip Golden Axe 2 and go straight to this one.