There's no right or wrong here. Interesting question though - I've pondered the same thing before. All wakes are different, but...
I prefer a three stage on a heavily abrupt wake like a rear weighted SAN. I also think I get better pop with a continuous on a rampier wake. There's a couple of reasons for this and it has to do with riding style. First, if the wake is steep a continuous will sometimes get buried in the trough. The extra tip rise on a 3 stage helps keep the board from pearling. Second, an abrupt wake boots you instantly so I feel it negates my edge anyway and the 3 stage pops harder with less effort (keep in mind I don't hit the wake to land in the flats like Murray and prefer to take tricks wake to wake).
On a rampier wake the continuous suits my style better - even though I ride an Absolute right now and my wake is semi-rampy. I always felt I could take a harder edge into a rampier wake with a continuous and get more from it than a 3-stage board that I have to drive off the tail to get the same result.
It makes sense in my mind anyway.