Chris and AJ: Thanks for your responses. The product line may change, but I would not term it "volatile".
The reason I dislike the third option is that it comes at the cost of metadata for the product attribute values. It essentially turns columns into rows, losing most of the advantages of the database column in the process (data type, default value, constraints, foreign key relationships etc.)
I've actually been involved in a past project where the product definition was done in this way. We essentially created a full product/product attribute definition system (data types, min/max occurrences, default values, 'required' flags, usage scenarios etc.) The system worked, ultimately, but came with a significant cost in overhead and performance (e.g. materialized views to visualize products, custom "smart" components to represent and validate data entry UI for product definition, another "smart" component to represent the product instance's customizable attributes on the order line, blahblahblah).
Again, thanks for your replies!