I was watching the Karate Kid, Part II on Encore a little while ago ( from 1986 ).
My favorite is III though, particularly the ending when Daniel defeats Mike "Bad Boy" Barnes.
Hilary Swank's version is sort of lost in the shuffle but I didn't think it was that great.
The Karate Kid ( the new one ) is going to be out on June 11, 2010 - featuring Jackie Chan and Jaded Smith.