Having seen the heat and light generated by this question, BEWARE we seem to have fallen into the trap of flooding the chap with too much information.
A lot of us have experience, (many more than I) but we are being asked to advise a beginner.
I served my time at Rolls Royce at the Sentinel works in Shrewsbury. In that first year in the Basic Training School, we used 3 jaw, 4 jaw and Collet chucks.
But we started with the easiest to use, and used it for a lot of the time.
3 Jaw: not absolutely concentric. but suffices for much work. If two or more diameters are turned at the same setting they will be concentric to each other. If the work is removed and replaced,it is unlikely that the second operation work will be absolutely concentric with the first, because it has not been replaced in exactly the same position as originally. A "good" 3 jaw will probably hold work concentric to within 0.005inch. Don't think about an old abused one!
4 Jaw: Once learned how to operate, with the aid of a "Clock" and its stand or magnetic base, work can be made to run as concentric as the time and effort that you are prepared to spend. It can be used to deliberately hold work off centre, when needed. It can also hold irregularly shaped objects for drilling, boring or turning.
With a 4 jaw and a "clock" you should be able to set the work to run concentric to within 0.0005 inch or maybe even better. Greater accuracy just takes more time.
Collet Chucks: useful when more than one component needs to be turned. Hopefully, a good one will hold work concentric, consistently.
For a beginner, I would opt for the 3 jaw, since it requires the least expertise, and is least complicated to use.. As you gain experience, you can progress to learning how to improve its use and then progress to the 4 jaw (and have time to save up for the one that you have researched as best value/ most convenient). Then you can start making things as concentric, or as eccentric, as you wish, and hold odd shaped things that a 3 jaw cannot.
A Faceplate requires slightly more skill than a 4 jaw, so save that for even later on, unless you HAVE to jump in at the deep end.
Hope that these comments clarify things a little.
Join a local Model Engineering Club for advice and help, (and hear all the foregoing arguments again)
Enjoy yourself
Howard