I found the below article on large joins in sql server. Going by the information in this article one very large table would likely be faster than joining three large tables. However, this is from 2006, so some of the information could be outdated.
http://www.mysqlperformanceblog.com/2006/06/09/why-mysql-could-be-slow-with-large-tables/
Edit: It is also worth noting that you should look at the frequency that you will use each operation. If you will be need to join the tables frequently, then you may want to use one table. If you will be joining the tables less frequently you may want to use three tables.