First a quick tip for those struggling to get the game running: try dgvoodoo. It helped in this case and it's my go-to cure-all for running oldies on Win10, helped me e.g. enable frame buffer effects in KotOR1 or brighten the unplayable darkness in Vampire the Masquarade: Redemption.
As for my review:
There's little gameplay advantage to this over SWAT 4 and plenty of downsides, including poor default controls and insufficient light from your gun-mounted torch. Your team's AI can also be a problem, similarly to SWAT 4 - except to an even greater extent, which leads to occassional team wipes (or near wipes) in one doorway. Your squad members also tend to stand openly in the door when throwing grenades, instead of taking cover behind the doorframe, which often leads to them getting shot.
What I prefer in this game over its sequel is that SWAT 3 doesn't believe so much in sanctity of life. While a death of a hostage is still a game over condition, you don't have to give the criminals/terrorists any chance to repent before shooting them. They also don't run around so much, so you can more reliably consider areas secured once you've gone through them. If you're hungry for some SWAT action, you might enjoy your time with the game, but bear in mind its age. If you're used to streamlined UIs and slick graphics of modern games, this one might not be for you.