The advantage of a 3 ring pencil pouch is simply that it can be clipped into a binder. That way it is always easy to find and always at hand. In terms of quality, you should get a pouch that has reinforced holes and well-sown sturdy zippers. These are the things most likely to fail due to wear and tear. Other than that, style and color is a matter of individual preference.
3 Ring pencil pouch:
3 Ring pencil pouch pictured: Top Flight Titanium Zipper Pencil Pouch with 4 Pockets, 8.125 x 9.75 Inches, 1 Pouch, Black/Red (4511636)
Also shown above in green.
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