Just. Marginally. I re-watch Salvation far more than 3 just to marvel at the art direction, cinematography (even if we are done professionally), ILMs work etc, etc. It's gorgeous to look at - the world building is the best Terminator has ever had. The action is superbly directed. There is no doubt in my mind the McG really really wanted to make a good film in tribute to the first two. But the script sucks far more than I think Three's does (which I've not see in a bit).
Three has tonal issues of course. And the Sarah Connor issue is handled poorly. But I think the overall story holds up much better than Salvation. John is believable, flawed and a bit crap. I like that. Bale is too self-confident - I think he's playing the John Connor his legend says he is rather than the John of 2 & 3 who is more of a right-place, right-time, chancer who by a million to one chance had the skills & experience to end up as the leader of the resistance.
And as I've said I like the Skynet network-not-supercomputer reveal, the death of John in the future timeline (which I really think takes balls in a franchise like that), and I really like the inevitability of the futurewar, that it can only be postponed, altered.
Salvation, truly outstanding visuals aside, is a ham-fisted mess of a narrative. Marcus Wright makes literally no sense in Terminatorworld. That he's completely perfect human replica at this point in the timeline, and that he doesn't just explode when John Connor is 3 feet away from him I'll never understand. And Helena Bonham Carter's 'character' too was a big mistake.
Prior to seeing it when I came across Wright's endoskeleton in an early Wired article (they originally had the model names under the images, but stripped those off after a few hours) I assumed that Wright was a more advanced Termie form the future, and that was at least an interesting, and a way to combine the La Jette/12 Monkeys narrative structure of the earlier films, even if I didn't know what they were gonna do with it.
So I watch Salvation much more coz I'm a sucker for pretty pictures, but deep down I know (read: IMHO) that 3 is a better contribution tot he Terminator Cannon.