Very occasionally, I use a three way vice like the one above, for milling. But only when there is no alternative. The jaws are so far above the base as to "wave around in the breeze" unless you are gentle.
They have their uses, but at the expense of rigidity.
With regard to Jason's broken vice, the fracture was probably caused by excessive clamping force against the fixed jaw, rather than how it was clamped to the machine. Tightening the moving jaw against the workpiece, and the fixed jaw, imposed a tensile load on the base, greater than the material could withstand.. Cast iron is not elastic, like steel, being strong in compression, but not in tension.
Howard