Value of a three blade prop?

[hewilson]

If it isn't already obvious, this question will really cement my neophyte status.

Exactly what is the benefit of a three blade prop? Intuitively it would seem that you are biting more air with each rotation but what exactly does this translate to? I would think it might mean any or all of:

1) higher speed at same power setting
2) better rate of climb
3) better DA performance
4) better high altitude performance
5) better engine out performance

I'm sure there are plenty of guys here who know the answer to this one. Thanks for any input you might have.