A 3 pin fan is voltage controlled and can sense speed.
If you plug it into a 3 pin header on your motherboard, the motherboard or an app like speedfan can control the speed.
A 4 pin fan is pulse width controlled, and you will need a second pwm header on your motherboard to control the fan. The cpu pwm header will be reserved.
Maximum fan speed maximizes airflow. The down size is perhaps higher noise.
What is your case, and what cpu/gpu do you need to cool?