The 0 marked key hole on the three jaw chuck is the one marked by the manufacturers as the hole to use for best repeatable concentricity, which begs the question "so why would you want to use the other two holes ever?" and I suppose the answer is "when it really doesn't matter" (whenever that is).
Xalky, I like that idea! I will try it next time I am dialing in for accuracy!
To all, If you look at the specs of a new, good quality 3 jaw chuck, you will see that the concentricity is rarely specified as greater than .003", which is, I assume, the repeatable concentricity. You can get nearer than this with a bit of tapping and dialling in, but if you want better, "the most accurate chuck you posses is an independant 4 jaw"!
Phil