The first movie worked really, really, well as a riff on the entire '60s spy genre. "What are you going to do to him?
"I'm going to place him in an easily escapable situation involving an overly elaborate and exotic death. Then I'm going to leave him with one inept guard and close the door and assume everything went to plan. What?"
The whole movie is fantastic in how it treats this, Basil Exposition, the quips after a kill, the front company Dr. Evil runs being more profitable than his desires for world domination, his plans for world domination having already been done by the natural course of events.
All. Fantastic.
The second two movies while funny lost this thread of making fun of the entire genre of movies from the 60s and instead decided to go for more "main-stream" humor in large part by introducing the walking fart joke in Fat Bastard. The second and third movies are funny and all but they didn't quite capture the "magic" of the original.
The one deleted scene from the original movie I really liked and would have liked to see kept in is when Number Two offers Austin a bribe to let him (#2) go free and continuing operate Virtucon as a profitable multi-national. Austin seems to accept the bribe but on checking the money discovers that it's a few hundred dollars short of the offer starting an argument between him and #2, #2 claiming the missing money was spent buying the expensive case the money is kept in. Eventually Dr. Evil tires of this fight and presses the button to dump #2 into the fire pit.
[yt]http://www.youtube.com/watch?v=wgOYMCtv1aw[/yt]
I'd go see a 4th movie, though. It could be pretty fun.