Some folks swear by and some at each method. Generally three under works as well as split, or to some better, out to about 30 -35 yards or so, depending on the shooter and the bow, and then starts to make seeing what you're shooting at more difficult at longer ranges.
The "tiller" issue can almost always be rendered meaningless by moving your nock point up an 1/8" to a 1/4"
Some say three under is noisier, some say it's not. I've found it really depends on the bow. Some of them are louder some are not.
In the final analysis, however, it's a matter of taste and comfort and all tastes are tastes. Shoot whichever way works best for you. Ricky Welch and Rod Jenkins shoot three under so it's clear that it can be done at championship level.