The second or third best THOH ever (the best is, no doubt, THOH IV, and THOH V is just as great). I find that it's easiest to review THOHs by segment, so here it goes:
Clown Without Pity: The best of the three, hands down. It's simply hilarious. As a matter of fact, this one contains one of my favorite back-and-forths: the dealer and Homer in the store ("...we also sell frozen yogurt, which I like to call 'frogurt'"). And Krusty and Homer, two of the funniest characters, work so well together in this one, it makes it impossible to hate. A+
King Homer: Masterful parody of King Kong. It's great. I really like the fact that they went for this sort of nostalgic look, bringing you back to the '30s, by making this segment black-and-white. Burns is great in this one, being sort of evil, but funny as well ("We can't leave without the bait. I mean the bait-thing beauty. The bathing beauty. Whew, I covered that up very well."). That said, this is still the weakest of the three (it's hard to beat evil dolls and "Night of the Living Dead" parodies), but still great. A
Dial Z for Zombie: The second best of the bunch. It's scary in a funny sort of way, with any real horrific moments immediately being followed by some sort of comic relief. This is actually a lot like the real movie, in a way (the original film was creepy, but it was so campy and unbelievable that it was actually sort of funny). There are some great lines (like "You killed the zombie Flanders!"; "He was a zombie?"), and overall a well done segment. A
Like I said, not the best, but really close: A or 4/5