I did a test on MS SQL 2005 using the following tables: A 400K rows, B 26K rows and C 450 rows.
The estimated query plan indicated that the basic inner join would be 3 times slower than the nested sub-queries, however when actually running the query, the basic inner join was twice as fast as the nested queries, The basic inner join took 297ms on very minimal server hardware.
What database are you using, and what times are you seeing? I'm thinking if you are seeing poor performance then it is probably an index problem.