As for me, i liked all three parts... But i agree that part 1 and 2 was a bit better than part 3. I guess its because of the lack in the action and two much talk, but hey i like how they link all 3 part together... when they were not considering making part 2 and 3 when they filmed part 1.
Honestly i personally like part 2 better, he he why, well better transformations, better cases, and not just only focusing on Sarm bun yut fu. Better actors as well, like Sam and "Ma Ding Dong" (Dont know her name,) just more actors we know of that also acted in tvb shows as well.
Still no matter how much 2 is better than 1, there are some parts in 1 that can never be replaced, like hey Eric looks better in 1 (hairstyle etc etc) haha looks younger, well dah its part 1! of course he's younger.
What i like in part 1 better than 2:-It is the basis to where the show begins, and you never watch it before, don't have to compare... As it is afresh.
-hairstyles - Eric (Tinyao) and Kenneth (Yudfu)
-Kenneth in part 1 and 2 is good, even tho i don't like his hairstyle in 2, its still good, i guess i like him because he loves zhen zhen alot, even tho he is evil. And in 2, he doesn't portray as evil, even though he keeps mentioning about killing tinyao to avenge zhens zhens death, i know he doesn't mean it.
- Mei loi in part 1 better
- zhen zhen in part 1 better
- Ton bun zhen ng / Ton bun zheng - part 1 better, well unless he didn't piss me of in part 1 as he did in part 2.
- Fong tin yau and fong kwok wah is one person, not two separate person...
- Fong tin yau's best bud (police friend) he usually brings the jokes into the crowd, i miss him, even though he is still in part 2, but he plays a different role, (he is "Mary's father).
- Gum zheng zhong - in part 1 better than 2 - becuase in part 1, he is on ma xiao ling side more, like trying to get xiao ling and tinyao together...
- Fong tin yao isn't afraid of jurn sung in part 1 as he is in 2...
This is the part i don't get, if faith were to occur again, even though its been one year, being bitten by jurn sung in part 2 compare to part 1, how come in part 1 tinyao is not afraid of jurn sung and in part 2 he is, and besides how come also their powers ended up different compare to those in part 1, i mean in 1, fok sung knows telekineses etc, why in part 2, his powers change completely into "turning someone ugly to pretty-good looking?
- Tinyao and zhen zhen did not kiss. In part 2 they kissed twice... NO Fair... why can't xiao ling andd tinyao have a passionate kiss at least once!!!
- Peter in part 1 is better than in part 2.
What i don't like about part 1:- the way tin yao can't be decisive about the ones he love.
- too much focus on just one enemy 'Sam bun yud fu'
- transformations
- to much scary scenes/dark atmosphere.
What i like about part 2:- All those great memories, of fong tinyao and ma xiao ling is more than those in part 1.
- Ma Xiao ling hairstyle toward the end looks nice
- Tinyao did not bite zhen because of what she said, if you don't love me then dont bite me...
- funny scenes on how kwok wah is pretending to be tinyao.
- how zhen zhen asks fok sung and tinyao how many bowl of rice you want? and tinyao replied just one will do, and then zhen zhen said ok, then one big bowl! haha! Tinyao got freaked out and said "but not too big".
- kind of the opposite in part 1 tinyao takes care of fok sung and in part 2 fok sung takes care of tinyao.
-like the story of the Ma ancestor (the past life of Xiao ling and tinyao).
- better transformations - Tin yao and si toa fun yun, better than part 1 instead of wearing a mask.
- best ending out all three of them.
-The way how tinyao is in pain, and xia ling cares and always there with him.
What i don't like about part 2:- kissing scenes of tin yao and zhen zhen
- the fact that kwok wah carries the hatred he has for the Ma family.
- the way tinyao is portrayed as a useless vampire.
- they forget all the events that happen in part 1, it is like saying part 1 is not important.
- Ma ding dong dies.
- Si to fun yun goes berserk
What makes part 3 good:- I guess its been a good link all along, like its great how the author links all three parts very well.
- Tinyao always comes out in time to save xiaoling
- the flashback scenes to part 2
- give me the thought that first class vampire doesn't really rely on blood to survive, that they can eat normal human food as well. And tinyao is a first class vampire... Yay!
- the photos on xiao ling's table.
- Even tho the role of fong tin yao is less, it makes him more special... besides i like the way how no one can replace tinyao in xiao ling's heart, not even zin tao (his past life).
What i don't like:- The transformations is good, still better than 1, but not as good as 2.
- too much talk and less action
- don't really like fok sung, i liked him better in 1 & 2.
- don't really like kenneth in 3, i thought that sarm bun yud fu and zhen zhen is marn sae yun yune (millions life of yune fun), why in Sarm bun yud fu's, past life he love this other girl besides of zhen zhen if he is to fall in love with zhen zhen in his every life...
Overall Part 1,2,3I recommend watching part 1 to get a brief detail, but anyway the way the author makes it, you don't really have to watch part 1 because if they were to forget anyway --> (Well unless you would like to see the younger version of Tinyao.

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You can just watch part 2 straight away as part 2 memories is not linked with all the events that occur in part 1. Is like starting again with some details of part 1.
P.S i personally don't hold a grudge with part 3, but i agree that part 3 is not as interesting as part 2, anyhow, i like the way how tinyao is always there for xiao ling. I actually reckon the ending in all 3 parts really interesting , and i don't dislike part 3 ending, i understand that xia ling just fainted or tired, i know she didn't die...
Threads been going on that there would be MDWAV IV, but honestly, from watching part 3, what i can see, Tin yao really aged alot... and i really don't want to watch the aging vampires as they grew much older....
I understand the concept that vampires don't age, but in reality they will... hehe, i just want to make MDWAV the best memories in my heart . Like one of the best shows i ever watched... so i would not bother watching part 4, despite that it is one of the great series i've ever watched...
Overall Rating:MDWAV ~ out of 10Part 1- 8.5
part 2 -10
part 3 - 7.5