It doesn't support any of the two way communication integrations that it does with the II yet, but it works just fine as a MIDI controller. For example, it doesn't support displaying the tuner, but it can still activate or deactivate it. It doesn't flash the current tempo, but you can still tap in a new tempo.
The biggest annoyance beyond those two is just the need to keep my presets in sync with it manually. I've made this a bit more manageable by going all in on scenes. My default page is scene 1-8, a page switch button, preset up, preset down, and a combined tap tempo/tuner button. I do have IAs on secondary pages but I don't bother trying to keep their initial IA states in sync with the preset. I just enter the preset name, the PC#, and if I want I can have the names show up on the scribble strips by using the ability to override IA names per preset. It's good enough for now, but I hope to eventually have full syncing back. I might move to the FC as well, but if FAMC updates it once they have the MIDI spec, I think it'll be great with the III. As it is it's not too bad, just missing tuner, tap tempo light, and the sync.