What are the differences between a Fender guitar with a 3-bolt neck and one with a traditional 4-bolt neck?

The main difference between a Fender guitar with a 3-bolt neck and one with a traditional 4-bolt neck is the number of bolts used to attach the neck to the body of the guitar. A 4-bolt neck provides more stability and potentially better sustain, while a 3-bolt neck allows for easier adjustment and potentially smoother playability.