They all have their pros and cons. All will break if overloaded for it's condition at the time. None will break if not overloaded for it's condition at the time. Some pros and cons of each below. These are all assuming the correct load rating for the application at hand. Obviously, once the load rating is exceeded, all bets are off, no matter which one you're using.
Chain
Heaviest for a given weight rating
Can cause damage if someone overloads and breaks it
Infinitely adjustable for length (probably it's biggest advantages)
Doesn't stretch (unless severely overloaded), which is an advantage in some scenarios
Least subject to abrasive damage
Easier to store than wire rope.
Not subject to solar damage
Wire Rope
Heavier than rope but lighter than chain
Can also cause damage if someone overloads and breaks it
Not adjustable for length
Stretches very little
Less subject to abrasive damage than rope
Not subject to solar damage
Rope
Lightest weight
Can cause damage if someone overloads and breaks it, but generally less than chain or wire rope
Infinitely adjustable for length, but this requires a good working knowledge of knots, which many folks don't have
Most easily damaged or cut
Easier to store than wire rope
Static rope stretches very little. Often used for winch lines.
Dynamic rope stretches. Often used for "kinetic" tow ropes.
Mixing up static and dynamic ropes can cause significant damage
Subject to solar damage
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