OK, fair play would have to say that Rocky I and II were better films... but this had Mr. T in it and given that he was one of my childhood favorites I feel horrible not giving it 10 of 10.
It was a decent film and Mr. T does a great bad guy (even though the kid in me hates to see him in a villainous role). And we get Action Jackson back, which always makes it feel like a Rocky film.
Where this differs from I and II is in the characters... they don't take much time to develop them further. The plot is centered almost entirely around the fight and that kind of makes me miss the depth of the first two... however, it is just as inspiring, it is just as motivating, and in a way that only Rocky films can really pull off.
And again we get to see Rocky as the perpetual underdog that has to fight and struggle and only rises to the top through will power and hard work... and that, the concept of a hero that has to struggle, is missed in modern movies.