This took a while.
It has been up on armor games for a long time now, glad to see it make it here, and with some add-ons no less!
Now I could go on and on about what makes this a great game, but with so many fans of your games, would there be a point? I think I will go right into what I dislike and how you could make the third installment even better.
Okay first of all is the class options, although it was nice to see an interesting collection of types to choose from that all play differently, I feel that there is something missing. It seems like you could have used so many more options to choose from, for example, one class is about hurting yourself or teammates to gain more power, the other is a simple melee class, the third is a support class. I was hoping for some evasive or "ninja" class could have been incorporated, as well as a magic based class without the support or betrayal types, sort of a jack of all trades.
Basically what I am saying, is add new classes, but don't think you need to move away from the fundamental aspects either. Variety adds a lot for everyone to find a class they like. (you could argue that each class has it's own statistic advantages like the ones mentioned above, but it is very vague and unknown what you really get when choosing a class).
The second is the effects, I like the transformation idea and the multiple buffs and such, but from a visual standpoint, it is essentially the first game. I feel that my attacks didn't have the proper impact they should, a brutal stab wound or powerful magic attack should be flashier and have more of an affect on the enemies instead of them simply bobbing their heads back like any other attack.
The third and final one is the skill tree, while there are a lot of creative abilities, they lack any sort of accomplishment when you get them. You can get the final attacks so quickly and easily just by doing training matches, and the characters lack a proper final ability. The last move you get should be able to surpass the others, and attack or defend in a way that no one else can do. Transforming is nice, but again, lacks the aesthetic charm and sense of ultimate power it should have.
Thanks if you read all of this, and hope it was useful to create another great game! Congrats on front page as well.