I grew up on the series and loved Freddy as a character. The first one is the best, but by the tiem "Freddy's Dead" came along they were basically mocking themselves and lost all the feeling the early movies had.
Having said that, I always heard "A New Nightmare" was good but never watched it for some reason until about 2 years ago. Wow, I was utterly disappointed in that one. It was really horrible, I don't know why people say it was good at all.
The new one is pretty bad as well. Robert Englund is and always will be the best Freddy.