3 vs 4 jaw lathe chucks

from http://www.mini-lathe.com/Mini_lathe/Chucks/4_jaw/4-Jaw.htm#4-Jaw%20Chucks :

Benefits of a 3-jaw:

1. self-centering
2. can hold hex bar-stock
3. quick and easy to use.

Disadvantages of a 3-jaw:

1. can't hold square bar-stock
2. run-out/off-center can't be easily fixed
3. can't hold irregularly shaped work
4. can't turn off-center

Advantages of a 4-jaw:

1. work can be centered to high precision
2. can handle square/rectangular bar
3. can turn work off-center
4. slightly more grip on round stock

Disadvantages of a 4-jaw:

1. slower/fiddlier to mount work (dial-indicator required)
2. can't hold hex-stock