They have successfully transitioned away from the mystery of Kate to having Neal working an angle behind Peter's back and trying desperately not to get caught. His moral dilemma is both believable and satisfying in the way it develops. Given the season's cliffhanger, it's hard to believe that there will be redemption for Neal—at least not in a way that will be both satisfying and plausible. Mozzie is still my favorite character.
 See my reviews of the first two seasons here and here.
White Collar Shirt is by ArnoldReinhold, available at http://en.wikipedia.org/wiki/File:Collar.agr.jpg.