A 3 point is what its name implies the implements attach at 3 points. The sleeve hitch implements attach at one point. I'm not sure about the advantages one has over the other except the 3 point may be able to take more wear and tear. I believe the sleeve hitch implements are easier to come by. If you have a 3 point you can adapt to a sleeve hitch adapter easier then going from a sleeve hitch to a 3 point in case you wanted to borrow someone elses implement. On the smaller tractors such as ours the 3 point is a "cat 0" which uses a 5/8 pin. As you go up in size the pin size increases in diameter as do the size and weight of the implements. Those are some of the basics that I know I'm sure others will add to it.
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