Pros: Graphics, fluid control, great 2 player game, Boxing fans and non fans game
Cons: Career mode, too easy even on hard due to K.O. punch. Not much new stuff
The bottom line: This is a great game to own especially with the young lineup of 360 titles so far. It's a great 2 player game that even non fight fans will love.
This game is the reason that I decided back in September that I was going to get a Xbox 360. I read in a game magazine about how this game was going to have a BUNCH of new things unlike any boxing game before it. Mentioning what these thing were is pointless considering that most of the things mentioned ended up not in the game. Therefore let me speak on what is in the game.

First off let me say that the graphics are the absolute selling point of Round 3. To say the graphics are great is an understatement. I had a friend come over in the middle of me playing and he thought Winky Wright was fighting Bernard Hopkins until he saw the wireless controller in my hand.
Round 3 emphasizes body language and demeanor rather than a H.U.D. [heads up display] to determine how the fighter is progressing through the fight. A fighter who is absolutely spent and ready to be floored with the right punch can easily be seen through the fighters facial expression. His breathing is heavier, his mouth is wide as if gasping to catch a breath and his facial expression shows exhaustion and concern.

On the other end, the aggressor that is dishing the punishment has a demeanor and expressions of his own. His eyes will curl downward in an aggressive frown, his mouth will shape and curl at the edges as if he's about to say the meanest thing, and the punches he throws will have evil intentions as he grunts like he's trying to destroy.
There is an option to turn on the H.U.D. but it's more fun and engrossing without it. The facial models of the fighters are incredible, if you know boxing pretty well you won't need to read the name of the fighter because you will recognize them easily.

Speaking of fighters let me mention them. There are a decent amount of fighters: Muhammad Ali, Floyd Patterson, Calvin Brock, Evander Holyfield, Roy Jones Jr., James Tony, Jeff Lacy, Winky Wright, Bernard Hopkins, Arturo Gatti, Oscar De La Hoya, Ray Leonard, Ray Robinson, Miguel Cotto, Mickey Ward, Ricky Hatton, Manny Pacquiao, Jake Lamotta, Marvin Hagler, Jermain Taylor, Diego Corrales, Eric Morales, Roberto Duran, Marco Antonio Barerra, Jesus Chavez, Vicente Escobedo, and Juan Lazcano.
Disappointedly missing is of course, Mike Tyson, as well as Lennox Lewis, or either Klitzko brother, no current pound for pound champ Floyd Mayweather, no Trinidad, no Mosley, etc.

Back from Fight Night Round 2 is the analog punching system, where you use the right thumbstick to throw punches, round 3 ads a few new punches which includes a punch that if landed is pretty much a guaranteed knock down with the addition of one or two more punches. This Punch is disappointing when facing the cpu A.I. because you can land this punch often and thus win the fight in 2 to 3 rounds.

Career mode is back and I feel it is a step backwards. In "Round 2" you fight your way up the ranks and you can pick from a list and have from about 5 to 9 options of opponents to fight as you climb the rankings. In Round 3 It plays like a linear rise with less option I often had to fight one specific guy, or had 2 maybe 3 and super occasionally 4 options. You don't get to see a list of ranked fighters at all, nor do you know where you stand as a ranked fighter.
More frustrating is being forced to fight an assigned rival throughout your career. Yes frustrating! During career mode you will be assigned an opponent that will be taged your rival. I knocked my so call rival out within 2 rounds the first 3 times I fought him in reality this is not called a rivalry if this fight happens again this fight would be called a tune up or a throw away fight. I literally dominated my rival at least 8 times always knockouts, yet somehow he stayed my so called rival till retirement. This addition of a rivalry could be a good idea but it has to be legit not contrived and pointless.
Also in Career mode is the same lame training session, combo dummy, heavy bag, weightlifting, and sparring. Sparring has no benefits except to brush up on your skills. To say it straight career mode is my biggest disappointment, not that it isn't good, it's pretty much the same as the previous Fight Night, and poorly disguised as being more.

Another mode of play is ESPN classics. Classics mode is a way to relive some classic fights between 2 rivals. I'm gonna call it what it is-- simply fights between 2 fighters that are in game no more, no less.

Sound is good, there are a few rap tracks that are decent and sound good, while a few to me are kind of weak and I usually put on my own music anyway. The gameplay sounds are great, the HD and surround sound play great together.

Let me say now what makes me absolutely adore this game it's very simple...2 players!!..Whether your fighting friends that come over to enjoy the sweet science or playing online against someone, this game shines because you can play an opponent one on one and you opponent [unless is not too bright] has the ability to adapt to the fact that your doing the same thing over and over and do something about it [unlike the cpu A.I.], this human vs human will be where most players will strongly enjoy this game to the fullest.

This game will have a great future on this console. For now it is a great start for a new console, and despite it's problems it is very enjoyable, and a must have if you have the ability to play someone else.

Graphics 5
Playability 5
Sound 4
A.I. 3
Innovation 3