Very disappointing. The story concept could have made for good books/tv series. However, the storytelling, execution, and characters were all severely lacking. Honestly, I have no idea why this received such high praise.
Season 1 (The Golden Compass) was actually pretty good. It was captivating and entertaining. Season 2 was ok. After the first few episodes I found myself becoming disconnected and bored through a lot of it. The story started becoming disappointing. Season 3 was awful. It seemed all over the place, boring, and well just bad storytelling and writing. I honestly had to force myself to get through every episode just so that i could get to the end of the season. And unfortunately it was cheesy, boring, and rushed.
All in all, a promising start turned into a poorly written cheesy sci-fi tween movie with unrealistic characters and scattered thoughts.