1 bolt or 3 bolt?

Aside from the obvious need to make sure the timing set matches the cam, is there any significance here? Are their certain year models that need a particular type? Are there any drawbacks to running one or the other? Any experiences good bad or indifferent?

I read an older thread on here somewhere about someone's 440 sheared the dowel pin on a 1 bolt cam, or it recessed into the cam and tore up the timing gear (looked pretty nasty), but I can't seem to recall what I used as a search term. Is this something common or an isolated incident? My experience building/assembling engines is limited to small blocks, and I've never really run into any issues one way or another as SBFs all use a 1 bolt cam to include 4.6s (12mm bolts torqued to 95ft/lbs!), so any help or advice is greatly appreciated.