I rarely use the 3-jaws i have, they only come out when I can make something in one chucking or don't need to worry about concentricity of different features - anything that needs to come out to turn around, for instance, goes in whatever's most suited: 4-jaw, collets or between centres (between centres is the easiest for e.g. shafts that need to be tried for a fit but needs centre drillings in both ends... 4-jaw's essential for eccentric features (cranks, cams etc.), collets for repetitive work small enough to go through the spindle and collet.
A big help when setting up and indicating in the part in a 4-jaw is a second chuck key so you can work on opposing jaws together, makes it a lot quicker! That also implies that you'll need a decent indicator and mount to measure eccentricity, useful (and a nice easy lathe project) is a telescopic "pump centre" when you want to pick up a punch dot on an interesting part to drill / bore / ream - it goes between the tailstock centre and the punch mark and the indicator rides on it, adjust the jaws to centre it, easy peasy!
Dave H. (the other one)