I just watched the first three last week (another site). In a similar way to Stephen Lynn's " memory served wrong " yes, the first two were so-so. The poor acting created an insatiable urge to get right to the puppets.
When I got to Puppet Master III -Toulon's Revenge (1991), it was great from start to finish. The puppets are introduced the first 5 min, and they take on the neighborhood Nazi's. Yep.
Puppet Master III -Toulon's Revenge --- this is what we all want. Puppet Master III -Toulon's Revenge --- Puppet Master III -Toulon's Revenge