  We have performed a detailed study of the pulsational and evolutionary
characteristics of 133 RR Lyrae stars in the globular cluster NGC5272 (M3)
using highly accurate BVI data taken on 5 separate epochs. M3 seems to contain
no less than ~32% of Blazhko stars, and the occurrence and characteristics of
the Blazhko effect have been analyzed in detail. We have identified a good
number (~ 14%) of overluminous RR Lyrae stars that are likely in a more
advanced evolutionary stage off the Zero Age Horizontal Branch (ZAHB). Physical
parameters (i.e. temperature, luminosity, mass) have been derived from (B--V)
colors and accurate color-temperature calibration, and compared with Horizontal
Branch evolutionary models and with the requirements of stellar pulsation
theory. Additional analysis by means of Fourier decomposition of the V light
curves confirms, as expected, that no metallicity spread is present in M3.
Evolution off the ZAHB does not affect [Fe/H] determinations, whereas Blazhko
stars at low amplitude phase do affect [Fe/H] distributions as they appear more
metal-rich. Absolute magnitudes derived from Fourier coefficients might provide
useful average estimates for groups of stars, if applicable, but do not give
reliable {\em individual} values. Intrinsic colors derived from Fourier
coefficients show significant discrepancies with the observed ones, hence the
resulting temperatures and temperature-related parameters are unreliable.
