I only use the 3rd jab if they're at kill percentage. Or if I'm feeling frisky. But don't expect to punish the 3rd jab, like Z1gma said, we're not stupid. Also, there are much better options for us next to the 3rd jab, namely just grab and to a degree tilts if we're feeling lucky. When jab1 hits, we have a free grab+pummels and our wonderfull follow-up game after f-throw and b-throw, you should discuss those too, because in my experience those are a challenge to take on.
Just avoid our jabs, SDI out and grab perfectly when jab1 misses, don't fall for the combat-walk and SDI down, when jab1 hits you in the air, jump away as quickly as possible, we can grab stuff out of the air too
, but that's not garantueed. One more thing, after jab we can also SH bair your face, or just run past you and wait for a mistake and bair you out of it, not used frequently, but something to be aware of.