A three jaw has its uses. For quick and dirty work, get er done, it is fast. If the stock is bigger than the finished size, and it can be machined in one setup and then cut off, there is no down side to the 3 jaw. The finished work will be completely true to the spindle center. If the work is not round, hex, or some other multiple of three sides, then another choice might be better... It has its uses. Mine is rarely used, takes more time and effort to change it out than to dial in the 4 jaw. That equation might change a bit since I am now also mixing a collet closer into the mix.
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