A well-maintained and properly built three jaw will get you close to centered and concentric. With a four jaw, you can get dead nuts on.
Or, you can adjust a four jaw so that you can turn that barrel with bore that isn't concentric with the barrel, and make it so.
Or, you can adjust a four jaw to make eccentric turnings like oval approximations, for those special jobs.
Or, with a four jaw you can mount an irregular workpiece on the center you choose.
Think ultimate workpiece placement, and that's a four jaw. The best three jaw will only center a workpiece, at best.
Or, you can adjust a four jaw so that you can turn that barrel with bore that isn't concentric with the barrel, and make it so.
Or, you can adjust a four jaw to make eccentric turnings like oval approximations, for those special jobs.
Or, with a four jaw you can mount an irregular workpiece on the center you choose.
Think ultimate workpiece placement, and that's a four jaw. The best three jaw will only center a workpiece, at best.