If Thief III was crap, it was only crap in relation to its antecedents. It actually had some quite intriguing ideas, really badly executed (unlike previous Thief games, which had intriguing ideas executed really well). Allowing you to wander around a sprawling city to get to different missions, as well as providing opportunities for side missions (read: innocent victims' houses) to increase your wealth could have been fantastic given the intriguing universe that had been created up to that point. Unfortunately the city was distressingly tiny and the fact that you had to sneak around it was absolutely obnoxious. What the hell kind of thief are you that the police know exactly who you are?
As has been mentioned previously, Shalebridge Cradle was an absolutely fantastic level. One of the scariest levels I've ever played. Oh hell, THE scariest level I've ever played. Despite all of its shortcomings, one should play the game only for that part. Then you can stay for the museum level which is pretty worth it.
Regarding the video, I have one major quibble and that's the tiny little Cate Archer over in the left hand corner at 04:45. Sure, No One Lives Forever was primarily an action game, but I hardly think its stealth elements should be faulted. You were after all a spy (and a thief, BTW). Approaching your goals with stealth made perfect sense to me in the context of the game. Of course, I love that game so much, it's hard for me to hear any criticism of it. It was stylish, funny, inventive and fun in ways that Monolith hasn't come close to since, and, in fact seem to be almost entirely abandoning at this point (I'm looking at you F.E.A.R.).