More than a handful of players who have played for me (HS) have gone the D3 route. Many have succeeded, some have not. Here are some of the problems that players have that go D3...
Often they will get a little bit of attention from a higher level but no solid offer and they think some version of "well, I can always go D3 and play/be a star". I find it almost universal that players underestimate how competitive it can be at all levels. Most who do target D3 will at least target winning programs. So, when they show up, they are surprised at the level of play and the number of good players. Also, remember the many discussions here regarding the unlimited roster sizes, JV programs and incentive for the schools to boost attendance, as well as the fact there is no athletic $. So, when D3 coaches are complimentary and encourage a player to come to their school, that player is quite likely to think this is the D3 version of being "recruited" (and, to varying extents, it is - except there is no $ commitment to gauge what extent). Then, when he finds himself on the bubble, cut or sent to JV in the fall, it can be quite the jolt. They tend to think they took the safer route (in regards to playing/ making the roster) only to find that may not be the case.