I loved The Facts of Life when it originally aired. Unfortunately, the reruns haven't aired that much over the years. I've found it on a few different stations over the years, but it was never on that long. I picked up the DVD sets that were out last year. One DVD set has the first two seasons and the second set has the third set.
The main group of characters is firmly established in the third season. The girls have issues dealing with each other, but the dynamic works better than when there were more girls during the first season I think. Some things tied to school are brought up, though the girls usually aren't shown in class. They each have to deal with different things over the course of the season, and their friendship is tested a few times. The plots are mostly self contained and resolved by the end of the episodes, though there are a few two part episodes.
I'm glad that I have the third season on DVD even though there are no extras for the set. That is disappointing.
I did get a longer review posted on Epinions.
Facts of Life - The Complete Third Season