Yes 3-way points do save a lot of space, but I would only use them where there is no other choice. We have used them on our club layout ( Wyre Forest MRC ) especially in the storage yard to gain a bit of extra track length plus 1 in the front yard. I don't think they are quite as reliable as two separate points. They also caused difficulties when wiring up LEDs for track diagrams where you only want 1 LED out of 3 on at a time. Extra ordinary diodes were needed and it took a bit of head scratching before we worked it out.
The Peco Streamline 3 Way Point.
in Sixties Snapshots - 00 scale
A blog by Silver Sidelines in RMweb Blogs
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Yes 3-way points do save a lot of space, but I would only use them where there is no other choice. We have used them on our club layout ( Wyre Forest MRC ) especially in the storage yard to gain a bit of extra track length plus 1 in the front yard. I don't think they are quite as reliable as two separate points. They also caused difficulties when wiring up LEDs for track diagrams where you only want 1 LED out of 3 on at a time. Extra ordinary diodes were needed and it took a bit of head scratching before we worked it out.