In days of old, there were a fair number of 3 arm cranksets around. I've made a WAG that the change to 5 arm cranks was due to flex in the 3 arm when pushing hard.
Nah. Fashion. Campy went that way and everyone else followed. 3-arm cranks were patterned after older, steel cranks like Magistroni. Can be better looking, but not fashionable.
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David L. Johnson
__o | "It doesn't get any easier, you just go faster." --Greg LeMond _`\(,_ | (_)/ (_) |