What advantages/disadvantages do specific font formats have?

Fonts can be purchased or downloaded in several formats:

• TrueType


• OpenType


• Postscript Type 1


• Postscript Type 3


• Multiple Masters

I realize that OpenType and TrueType are universal formats which work on both Windows and Macintosh platforms.

I'm also aware that Multiple Master fonts are a fairly deprecated in today's world. Often MM fonts can cause technical issues because operating systems simply don't support them as well today as they once did.

Type 1 and Type 3 were generally (but not exclusively) Macintosh formats still seen in use quite often.

When I purchase fonts, I specifically purchase OpenType fonts due to the more modern support. I know OpenType supports more glyphs, but that doesn't necessarily mean a particular font has more glyphs.

However, many, many, foundries still produce a great deal of TrueType fonts exclusively.

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  What specific advantages or disadvantages can be found in the various font formats in today's technological setting??

  
  


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  Should I be avoiding Type 1 and Type 3 whenever possible?

  
  


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  Does format even matter as long as the font contains the glyphs I want and outputs properly?