I personally thought they should have fleshed out the Sandman storyline properly, and stuck to that for part 3.
During that time, they could have set up the black suit and explored that for a full movie.
Harry Osborn should have stayed on the backburner, while they subtlely built that creepy vengance plot.
They could have ended part 3 with Parker losing the suit, and Venom getting it. Then part 4 would be able to focus on Parker trying to re-organize his life while Venom is running wild knowing everything about him.
Then you still have Harry Osborn ready to go for a final installment. That would be part 5, but if they were able to go for 6, then Lizard would still be open and setup for 5.
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