Well. With a 2-way the desighn will always be small. And these deighns are genrally cheaper and less synsitive. Thats about the only reason why peopl buy 2-ways is because there small and cheap.
3-ways are a little better in the sence that they will most likly play louder and have deeper bass. These desighns are more synsitive but the boxes are bigger.
As for the mid's and high's. Well the quality of those frequincy bands will only vary opone the driver used, both 2-way and 3-way have the ability to have very good mid and high frequincy ranges.