Recent state-of-the-art calculations of A-values and electron impact excitation rates for Fe III are used in conjunction with the Cloudy modeling code to derive emission line intensity ratios for optical transitions among the fine-structure levels of the 3d$^6$ configuration. A comparison of these with high resolution, high signal-to-noise spectra of gaseous nebulae reveals that previous discrepancies found between theory and observation are not fully resolved by the latest atomic data. Blending is ruled out as a likely cause of the discrepancies, because temperature- and density-independent ratios (arising from lines with common upper levels) match well with those predicted by theory. For a typical nebular plasma with electron temperature $T_{rm e} = 9000$ K and electron density $rm N_{e}=10^4 , cm^{-3}$, cascading of electrons from the levels $rm ^3G_5$, $rm ^3G_4$ and $rm ^3G_3$ plays an important role in determining the populations of lower levels, such as $rm ^3F_4$, which provide the density diagnostic emission lines of Fe III, such as $rm ^5D_4$ - $rm ^3F_4$ at 4658 AA. Hence further work on the A-values for these transitions is recommended, ideally including measurements if possible. However, some Fe III ratios do provide reliable $N_{rm e}$-diagnostics, such as 4986/4658. The Fe III cooling function calculated with Cloudy using the most recent atomic data is found to be significantly greater at $T_e$ $simeq$ 30000 K than predicted with the existing Cloudy model. This is due to the presence of additional emission lines with the new data, particularly in the 1000--4000 AA wavelength region.
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