I LOVED Shrek 1 and 2. Especially 2 where they explored and fleshed the movie's universe and revealed that Fiona's imprisonment was actually a plot by the fairy godmother to rule the kingdom. They never directly said it, but how else did she get cursed?
The only disappointing thing I found about Shrek 2 was that immediately after it came out, The Incredibles came out and kicked its ass as the best movie I've ever seen. I mean that quite honestly, because I think that if there is a better movie out there (there probably is), it's not a movie the whole family can watch.
Shrek 3 was so... meh, that I'm shocked that they've made a 4th.