I finally received my copy of House of the Dead 3 today, and it's spectacular. Just like the arcade.
Like House of the Dead 2, it does not natively support two players using light guns simultaneously. But you can use the Act Labs gun for a single player game and it works great. I will be working hard in the coming week to create a TroubleShooter profile for this game, so that we can use two guns in two player mode.
Still no word an a North American release. But I ordered my copy from http://gameplay.co.uk. It shipped on Feb 10, and I received it today (Feb 22).
Jon