Personally I like 3rd ed, but only after some modification.
I have played in and run hybrid systems, which mix 1st ed and 2ed rules (and soon to be 3ed) together taking the best of all games. Way I have seen it used to be run ( the group I play in sort of split up after 3 members left the area) is to allow nearly all optional rules and allow nearly all class in, but if you create a munchkin, be prepared to fight munchkin killers, as normal enemies. And with that rules we used AD&D is quite a deadly game, especially at high levels.
When I get round to running 3ed it will be a mix of 3ed with some 2ed and extra rules taken from other games, and a few of my own, all to make the game more balanced, especially at higher levels (Which at the moment is very unbalanced).
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