Copied from another reply I made a while back. This pertains to front 3 and 4 link setups utilizing a trackbar.
3 and 4 links both work awesome, when done right. A 3 link is easier to package (one less link, duh) but the fact that there are regularly available 4 link kits out there kinda shows us it hardly should be considered an "issue".
With that said, the main choice for me between the two boils down to joint selection. A parallel 4 link with trackbar will bind (not enough for any issues to arise or hurt flex) and you need rubber bushings in the suspension as a point of deflection to compensate for this binding. Rubber bushings allow you to isolate road and tire noise better from entering the cab versus hard heim or cartridge joints. A 3 link you CAN use rubber bushings, but I never recommend it. Having just the single upper bushing controlling axle wrap usually wears it out in no time. I prefer the feel of a solid front end using all hard joints myself anyway.
Now the issue you shouldn't overlook with a 3 link is strength, you would be silly to run it with the cheesy stock control arm mounts (or wheeling hard with those mounts to begin with). If you break a mount, bolt or arm, you just ruined your day, and possibly other components in your front end. I would not trust the stock control arm mounts, or stock size 10mm upper control arm bolt to solely keep your axle in place.