For the most part 3-ways rigs can be used pretty much all the same areas you might use a bottom bouncer along with a few areas I wouldnt run bouncers.The 3-ways are just not as rigid of a setup as a bouncer being they are made from various choices of fishing lines instead of wire.The wire on a bouncer can telegraph bottom compositions better than most 3-way setups.I tend to run 3-way style rigs in areas I wouldnt run bouncers much,such as larger rock.Bouncers seem more prone to hang up in rocky areas in turn loosing whole bouncer & whats attached to buisiness end vs. just loosing the dropper. 
They both have their place in my boat & rocky areas are not a favorable place in my opinion for running bouncers.Rivers seem generally to have more rock so the 3- way rigs seem to be used the majority there.Hope this helps you out some. 
If at all possible, I’ll not use a sinker but a 1 to 1/2 oz leadhead jig with a paddle tail attached. On the other side of the 3 way I’ll run a walley diver about 4 foot back. It’s cool to have 2 fish on at once.
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I’m looking for information on 3 way rigging. Would it have a place in our arsenal or is it mainly a river tactic?
If you are unfamiliar with this presentation read the below. To answer the question, no, it is a lake tactic too. The three way set up is extremely versatile. The lure of choice can be a plain hook or a crankbait, plus more options. When lake fishing I normally use a three way set up with w/ a spinner and crawler harness or spinner and minnow. This presentation has caught me many good sized Cass and Mille Lacs Lake walleyes.
The three way is a wicked river rig and personally has been the main implement on many St. Croix River walleye catches.
What is a three way swivel fishing set up?
Quickly explained a three way set up starts with a swivel with not two ends, but three ends or three rings. One end of the swivel goes to the line from the reel, the second is for the weight and the third is for the lure. Naturally between the swivel and the lure and the swivel and the weight (dropper) you have fishing line. The distance between the weight and swivel is normally 12 to 20 inches, and the distance between the lure and swivel is 4 to 8 feet. Simply cut the amount of line need for the lure and the weight and tie up the three-way rig.
BTW-There are tons of informative archived three way posts on IDO.
Keep Catchin’
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