One thing I like about telescoping gauges is that it's easy to measure oval bores by taking samples at various angles in the bore. A three-point gauge might miss anomalies in roundness, it seems to me. For engine bores and bearing journals, I'm mostly measuring to see if something needs to be machined or replaced, or if it's within spec and can be reused. Given that most wear patterns create an oval shape, it seems to me important to measure it.
For checking the dimensions of fresh machining, a good three-point gauge like the fancy Mitu (and the SPI pictured above seems to be similar) is fast and convenient.
Rick "speed costs" Denney