For the most part, I still feel the same way about Fair Warning now as I did way back in 1981:
Three outstanding rockers ("Mean Streets", "Hear About It Later" and "So This Is Love"), three rocking album tracks ("Dirty Movies", "Sinner's Swing" and "Unchained"), one hodge-podge album track that is neither here nor there ("Sunday Afternoon In The Park/One Foot Out The Door") and one ok filler track ("Push Comes To Shove").
I used to like the dark, swarthy low-end vibe to this album, but I do wish it had just a touch of the acoustic brilliance that the first two albums had. That's probably my only criticism. It doesn't count against them, it's just a personal observation. I always liked Eddie's new guitar sound on this album, and his use of synths didn't turn me off because he used them sparingly. It was different, but in a good way. I guess you could argue that everything about this album was different -- some for the better, and maybe some not as much.
I rate it as "Great". 7 out of 10. Probably in 3rd position after I and II respectively, and ahead of Women, Diver and 1984 (also respectively).