I like TLC a lot but I do feel it's overrated and not as good as Raiders and TOD for me. It's fun, but as others have said, it feels like an uninspired retread of Raiders with the use of the Nazis again, a Christian/biblical artifact, etc. and I'm also not a fan of it's much lighter, campier tone. I much prefer the darker, more foreboding tone and dangerous feeling Raiders and TOD have. The action scenes don't quite pack the same punch as the first two and the climax is disappointing compared with the first two, and I also didn't like how Sallah and Brody were reduced to useless, bumbling comic relief. I also think TLC has the weakest and least memorable villains as well. For me, the likes of Donovan, Vogel and Elsa don't even touch Toht, Belloq and Mola Ram.
But TLC definitely has a lot to like about it as well, the best aspect being the chemistry between Ford and Connery, the movie is never boring and despite the action not being as exciting as the first two, there's still good action scenes in it like the tank chase, and I also like the trials Indy faces near the end. It's a great movie but I don't think it's as good as the first two, which I can watch at any time and always enjoy.