I prefer the 3 way on vintage voiced, 57/62 pickups on alder body and RW finger/b.
Because I don't use the in-betweens on this guitar, individual pickups give me the exact tone and it has nailed it head on. And the pickups are quiet (maybe I'm lucky?) so I don't miss the hum cancelling at position 2 and 4. Very clear and bright guitar, I use this for funk.
On the 5 way, I have a fralin vintage hots with an alder body, maple finger/b. The 5 way was stock, I use position 4 a lot on this guitar. It retains a lot of the quack when in humbucking mode so I have no problems with this. I use this a lot for blues and it works great when pushing the amp at volume.
Also on a 5 way, CS 50s SC on ash body, maple finger/b. The 5 way came stock, BUT I don't use position 2 and 4 on this guitar much. And I didn't change to the 3 way. In position 2 and 4, the quack is still very strong on them but I prefer the tone on the individual single coils. 5 way is useful, but not something I'd die without. Very clear and bright guitar, I use this for funk.
Not sure if it makes any sense to you, but I try to tie down a musical style I play with the guitar to give some idea.