I must be a freak. My favorite Predator film is Predators, the third one. Loved the cast, had a great setting, wonderful action scenes. Its only shortcomings were substandard looks for the hunters(I loved how they looked in AvP, personally) and poor special effects in several instances. But Predators is one of my favorite movies ever. I never expected to like Adrien Brody in anything, nor did I expect to like a movie by Rodriguez. Predators proved me wrong on both counts.
And believe me, this is not a slight on the first two films. I enjoy both of them for different reasons, and loved the Predator franchise just fine before Predators came out. But until that movie, I enjoyed the Predator franchise a bit less than the Alien franchise. Predators managed to put the two neck and neck.