Saw this early at the theater with some folks. Normally this isn't the type of movie I'd bother with, but they wanted to see it and I had nothing much better to do. I've seen the first 2, and didn't really care for the 2nd one at all and each trailer afterwards made it look dumber and dumber.
HOWEVER, this one was entertaining for the most part. There isn't as much focus on the cars as there is on the story they're trying to go with which is nice. I feel this is more of an action movie with driving in it, vs. the others which seemed to be street racing movies with other stuff going on (which is good). Lots of unbelievable stunts and general action movie ridiculousness, but if you can turn your brain off and go into "action mode" it's actually a good watch. It apparently uses a lot of characters from the other movies so if you're up to speed you might get more out of it, but I never felt out of the loop in this. I'd say you only need the first one to get most of the references.
Worth seeing at least once IMO.