3 was very good, but the controls sucked, the music sucked even more, and the graphics sucked worst of all. But considering the system, the graphics are excusable. A remake for the PS3 or computer would be absolutely fantastic.
I was too young to figure out Air Combat before we sold it, so 04 was my first real Ac experience, so I kind of agree with you. But i do think a remake of 3, true to the original japanese version would be insanely awesome.