Next is the three link. There are three types:
A true three link has three straight links, and requires a panhard. This is really a poor design, and puts a lot of stress into the axle housing.
Next is a wishbone three, which uses straight lower links, and a Y-shaped "wishbone" upper link. A true wishbone is the best option among the three links, and requires you to relocate the gas tank and exhaust also to accomodate the wishbone. A full wishbone is rarely seen because by the time you relocate everything, you might as well built a 4-link.
Finally, you have an offset wishbone, which has two lower links, and a smaller wishbone offset to one side (passenger side on our trucks). With this design, you can keep your stock tank. The downside is assymetrical stresses on the axle. This is the design I have on my colorado, but for a high performance application, it may not be the best choice.
It should be noted that kinematically (that is, the way they work), a wishbone three link and a triangulated four link accomplish the exact same thing. You can think of the wishbone as the two upper bars of the four link, just sharing one common mounting point. The benefit of the four link is the ability to fine tune the suspension to your prticular needs, and to get a more optimal roll center.