Volume 3 picks up where Volume 2 left off, with Lawrence and Holo in Pazzio's sewers attempting to escape the Medio company after figuring out their plan. It continues all the way through to the sale of the pepper in Poroson. While mostly true to the original light novel, this volume of the manga adds in scenes of Nora, the shepherdess, before Lawrence and Holo have met her. This works fairly well as we're able to understand her background and previous life as seen by her, rather than as told by her.
Volume 3 has one full colour page right at the start of Holo partially covered by a few furs. I find this a little strange, as they sold the furs all the way back in Volume 1! I would have much preferred to have seen one of the scenes in full colour instead of a picture. The "Bonus Track" chapter in Volume 3 really is a bonus, in the previous volume the bonus track simply continued the story. However, this time we've got a short story set in Japan's Edo period where Holo is a courtesan and Laurence is (still) a merchant. The bonus track was an amusing, if somewhat different, read. As with the previous two volumes, the artwork is extremely detailed thought the manga.
Volume 3 of the manga covers chapter 6 and the epilogue of Volume 1 of the light novel and chapter 1 of Volume 2 of the light novel. Volume 4 of the manga has no release date on the Yen Press website, but Amazon lists it as the 31st of May 2011. Volume 3 of the light novel is set for release very soon, on the 7th of December 2010 - I can hardly wait!
Spice and Wolf Manga Volume 3 is available from Amazon. ISBN 9780316102346.