It would seem crossover design is really important to a three-way. I guess if one was to ask this question with the assumption that if you had a three-way versus two way which would be better assuming crossover designs are not part of the evaluation process because they are assumed perfect for each situation.
It would seem to me if this was the case the three-way would be advantageous.
And of course assuming driver and cabinet designs are not impacting the decision either. I think it’s a theoretical question and to me if you separate out the mid range and not have it intermingle with other spectrums that may offer interference it would be better to have a third segment of frequency range and create a situation where more detail is better.