Theatrical Trailer -
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i think it does look a better then the last one. especially when i look at the wicked witches, they look a lot better and somehow more.. properly modeled. the story maybe isnt too not-serious like the last two movies, not that i expect a movie like Shrek to have a serious storyline.
i have to admit i am not a Shrek fan. but i have seen all the Shrek movies. to me, the best of the three would be the first Shrek movie. it is simpler and a lot more funnier.
read more info about this movie here (via IMDB)