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3p baseband advantages

Hello and experts and newbies. What is the 3p baseband? What do we benefit from it? What baseband are we currently running? I have a Motorola Droid.
 
The short answer is that if you received the update to 2.1, you've already got .3P. Otherwise, you've probably got .2P

Advantages are somewhat sketchy, but I can say that in local known poor reception areas (ie, no signal at all with my old LG enV3, which is regarded as generally having good reception), I can still get 1x with at least one bar on my Droid. I also seem to get 3x pretty much everywhere...except in the basement level of the local mega-mall (where I get no signal).

I don't see a downside, personally.
 
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