Yes, it is the best.

Rating: Null/10 (7 July 1999)

I really it hate when I'm flipping with the remote and I come, once again, upon "The Godfather". No, it's not because I'm bored with it after seeing it 1,000 times. It's because it is still completely captivating and totally enthralling every single time I see it. And, I can't turn away! It is and always will be, my favorite movie (along with and equal to Part II). As others have said, skip Part III. Or, at least, enjoy it on its own terms and don't try to compare it to or even think of it as a part of a trilogy of Parts I & II. Part III is the "Let It Be" album of Francis Ford Coppola. (You Beatles freaks will understand).
"The Godfather" is not a masterpiece. It is THE masterpiece.