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There is one objective advantage the 3 has over the S and X

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For me the extra foot I'll have in the garage to park it will be a big plus over our MS. We have shelving installed in the front of the garage so it's pretty tight from cabinets to garage door. With mirrors folded the models are about the same width (77.3in. compared to 76.1in.)
 
Minimalism.

I'm aware the S and X can be argued as faster cars or more "luxurious" (which is a subjective term) but in terms of minimalism, the 3 has them both beat. As a minimalist, this excites me. A dash that is cleaner along with a fob that is cleaner (having it being absorbed into your smartphone) are both things that the S and X do not currently offer.
The objective advantage is that the 3 is much cheaper. As to whether it will ride nearly as smoothly as an S on air springs I doubt it - I have my day 1 reservation but I'm not holding my breath for ride quality. It sounds like a world class sports car but also very, very firmly sprung and since it is lighter I don't think it's going to soak up road imperfections the way a heavy S on air shocks does.