This week’s dandy is “Spider-Man 3” (B-), the hit-and-miss blockbuster sequel that, despite an overstuffed 2 1/2 hours complete with three villains, two babes and several nifty action sequences, fails to live up to the lofty expectations created from the first two installments. “Spider-Man 3” does have its moments, enough to barely recommend it, but the film ultimately creates more disappointment than joy.

This installment picks up with Peter Parker/Spider-Man (Tobey Maguire) on top of the world. The superhero’s popularity is at an all-time high, while Parker appears set to finally pop the question to his longtime love, Mary Jane (Kirsten Dunst), who has just landed a role in a Broadway show.

But that feeling of euphoria quickly evaporates with the arrival of three new enemies.

The first comes from a familiar place, with longtime friend Harry Osborn (James Franco) ready to avenge the death of his father – the Green Goblin from the original film.

The second enemy is petty criminal Flint Marko (Thomas Haden Church), the man responsible for killing Parker’s uncle. While escaping prison, Marko is involved in an accident that turns him into Sandman, a villain capable of shifting his body into any shape..

But Parker’s greatest challenge comes from a mysterious ooze from another world that brings out the dark side in the webbed hero.

“Spider-Man 3” is at its best when its impressive special effects are displayed. The film contains three action sequences that are a lot of fun – especially a scene in which Spider-Man has to stop an out-of-control crane smashing through a high-rise building.

Unfortunately, most of “Spider-Man 3” involves the continuing relationship between Parker and Mary Jane. There is so much angst and brooding between the two characters, I felt like I’d stumbled into “The Notebook.” At this point in the series, the romance feels stale and forced, and really bogs the movie down.

I’ve been a fan of Dunst’s since “Interview with a Vampire,” but she just doesn’t bring anything to “Spider-Man 3.”

Director Sam Raimi also injects some much-needed humor, including a musical montage in which Parker gleefully gives in to his dark side (although I’ll admit the scene is way over the top), but for every scene that works, there seems to be a momentum-killing scene involving the romantic angle (which is further complicated by the addition of Bryce Dallas Howard as Gwen Stacy and Topher Grace as rival photographer Eddie Brock, who eventually transforms into Venom).

Despite its shortcomings, “Spider-Man 3” still manages to do enough to get by, even if it’s apparent the franchise is starting to feel rusty and in need of a serious overhaul.

“Spider-Man 3” is rated PG-13 for intense action violence and will be available Tuesday on DVD.