I dunno about that...
There is a fairly wide range for 'threshold' training. I don't know that any one approach, or intensity, is better than another.
If you use Coggan's range for Z4, 95-105%, that opens up a pretty wide range of how much total time you could do.
Even at 100% of FTP, by definition you should be able to do 3X20, especially with some minimal break.
Drop that down to 95% and you should be able to do 4X20 (and probably 6X20).
Up it to 105% and you probably need a decent sized anaerobic capacity to do 2 of them with minimal rest.
Is any one of these approaches the 'best' way to do it?...shrug. It depends on what you're trying to get out of the workout.
It seems most agree that it helps to spend a 'long' time at threshold. How you define long is the catch. It's probably individual (both in terms of what an individual can handle, how fast they adapt, and what their goals are). Strickly in terms of raising threshold, 2X20 at 105%ftp may be best for one person while 4X20 at 95% may be better for another.
On top of that, you can mix it up to address particular race-specific situations. Up it at the end, criss-cross around FTP, practice breakaways (hard, then threshold), or any number of other variations.
Scott