Well, just got back from seeing it, and I must say I was pleasantly surprised.
I'll get the bad points out of the way first: the 'plot' was non existant, the script was really cheesy, and the actors were complete unknowns.
However, the cars were stunning, and there were lots of lovely ladies to look at
Now for the actual drifting:
Yes, there were some dodgy special effects and bull****, but for the most part the drifting was obviously real, and pretty damn impressive. One part I particularly liked was a scene where 5 or 6 cars were drifting late at night on the mountain Touge, and it was great (ignoring the crap in-car dialogue), with hardly any crap effects, for the most part just real drifting, it reminded me of Initial D.
The CGI was no way near as bad as in the second film either.
At the end of the day I don't know why people go to see these films expecting a plot and some decent acting and actors. That's not going to happen. Just take your brain out, and watch some awesome cars doing some nice drifting.
Bow Wow's VW Touran is the Gayest thing I have ever seen though
Oh, and the surprise at the end suggests there will be a fourth