Ignore the Singletrac and incog fanboys. This one is in my opinion tied for the second best in the series.
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Gameplay
Loud, kick-ass soundtrack
Physics
Weapons are the BEST in the series
Level design
Graphics
Controls
Camera
Mean-ass bosses like Moon Buggy, Minion, and Sweet Tooth
There's a mode for creating cars
The bad
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The frame rate drops when in multiplayer
CPU Ally is a joke
Hated by fanboys everywhere so it never got the rating it deserves
They replaced Mr Grimm with a freakin pirate!
Create mode is limited
Overview
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When SingleTrac got sold there was chaos. The source code to Twisted Metal 2 came up missing and there was a big dispute over who would get to develop the third installment. After all that annoyance it was up to 989 to continue the franchise with Twisted Metal III and (probably out of a direct-result of the TM2 source code being lost) that game was FUBAR. Well they learned their lesson with three when they released Twisted Metal 4. In this game a lot of things change: the story takes a different direction, the vehicle physics ACTUALLY WORK, the controls aren't sluggish, the maps are probably some of the best in the series with Black being the only other game that can top them, and the graphics look amazing (for their time). I will even say that this one is better than TM2. This game also includes a loud kick-ass soundtrack featuring artists like Rob Zombie, Cypress Hill, Skold, and a few others BONUS!
other thoughts
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Incog needs to resurrect Amazonia 3000 BC, Construction Yard, and a few other maps
This game has the BEST control setup. Why did Incog dismiss them?