The original really is boring though.

I give it credit for pioneering a subgenre, or rather codifying it (there were slasher elements in older films), but so many others have perfected it.

The original isn't overrated. You've just seen all of it's imitators and that makes it seem less innovative than it was at the time. Sure, there were forerunners (most notably the original Texas Chainsaw Massacre), but Halloween spawned the entire slasher movie genre. It's like when people call the Velvet Underground or Big Star overrated. They're comparing them to every band that's built on their foundation since.
Anyway, Halloween III is fine, probably better than anything in the franchise afterwards.
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