This act is a representation of a set up for the final act. It develops how the story is gonna evolve after the sequences of this act. Shakespeare developed it beautifully by giving us many coincidental actions that lead to the regroup of the characters, like for example, Hamlet's return from England. It also showed us a bigger incite into the characters, like we saw how Claudious cowardly talked himself out of Laertes riot. 

 

In my opinion this act is key to the story and masterfully written, because even when it's developing it surprises us with a frenetic vibe, like the riot and Ophelia's sudden suicide.

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I consider that this is one of the best acts in the entire story, because it lets us see how Shakespeare can tie all the ends together.