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I think that the first SAW film did for this genre what Se7en did for that genre.
However the second SAW film was very very bad in my opinion and not really worth an hour and a half of my life.
The only reason I saw the third is because my wifes friend took me to see it and yeah it was better than the second but still wasn't brilliant.
I've just seen SAW IV and I have to say I was enjoying more than the last two outings but the twist at the end really piqued my interest back in this series and I have to admit I am really looking forward to V and VI.
As long as they tie everything up at the end of whatever film they deem to be the last and do not leave it open for some half assed director to get his hands on it in ten years and try to bring it back again.
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Earnest Hemingway once wrote, "The world is a fine place and worth fighting for." I believe the second part.