It's easier to travel to another commonwealth country if you are a citizen of one of them but it isn't nearly the same as having citizenship in each separate country.
Well, the three passports do come in handy. Like if I want to take a trip to the US, then I bring my Canadian passport and if I'm traveling to Europe, I use my British one.
It's really more for convenience than anything else. I would've been fine with my "landed immigrant" status in Canada, but my dad encouraged me to get the third one. I actually grew up in Oz but I've been living "Up North" for the past 8 years or so. As for my British citizenship, it was given to me because I was born in London and spent the first two years and a half there.
The only sad part about it is that I've triply sworn an oath of loyalty to the Queen of England :( This offends me as a libertarian... but it's not like they're going to hold me to it ;)
"My theories explain, but cannot slow the decline of a great civilization. I set out to be a reformer, but only became the historian of decline."
- Ludwig Von Mises
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