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There is a distinction between a series and a trilogy. In a series, each book should stand on its own although reading in series order may be a good idea. In a trilogy, the three books really need to be read together and each book might not stand on its own. The Name of the Wind, by Patrick Rothfuss, is the first of a trilogy. It, and The Wise Man's Fear, are worth reading on their own but some things won't be clear until (presumably) the 3rd book comes out. It is a particular problem with trilogies that readers have to wait for the 3rd book. In the case of Patrick Rothfuss, we had to wait 4 years for the 2nd book in the trilogy (it was worth the wait).
Recently, publishers have been turning long novels into trilogies. This has the advantage that you know the 3rd book will happen (since it is already written) but the disadvantage that the publisher is charging you for 3 books and making you wait 2 years to read the entire thing.
Also recently, some series seem to be shading into trilogy territory (no story arc for each book), without the advantage of a known ending point.
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