2 blade. VS 3 blade

Here is what I have heard so far.

2 blade is the most efficient w/ highest cruise

3 blade provides greater low end thrust although the penalty is more drag which will sacrifice your cruise speed slightly.
 
3 blade looks cooler.
more ground clearance.
3200 rpm limit.
top speed to date 187kt, down low and cold temps.
 
One thing to note is that you need to pull the power back to 2100 rpm in rain.
getting the bottom cowl on/off is a pain.
I do find that my Catto 3 blade is smooth to fly behind.
 
3 blades kill more bugs (cleaner windscreen) and have greater sex appeal.:D
That about covers it.

Three bladed props tend to have smaller diameters, so if you are operating off dirt strips a lot, this might be the best option for you.

The thought that a two bladed prop is faster than a three bladed prop came from the certified world. Now that builder’s like Craig Catto can customize a prop to YOUR engine and airframe, he can make a two, three or four bladed prop with identical performance.

I don’t know where the RPM restriction in rain came from as that had nothing to do with the number of blades but everything to do with the leading edge erosion. Catto can make a two bladed prop with nickel leading edges so you don’t have to throttle back in the rain.

PS. Try using the search tool, this topic comes up almost as often as the tip-up vs. slider question / NW vs. TW / Carb vs. FI / Blue is faster than Red / Etc.