QUOTE(lucyrich @ Nov 15 2006, 01:59 PM)

There are only two advantages to the K-3 over the CR-1 that I can think of: The K-3 can sometimes be faster, and it only requires an I-134 affidavit of support at the consulate, instead of the I-864 that's required of the IR-1/CR-1. Adjustment of status will eventually require that same I-864, but by then, you may be able to combine incomes of both spouses.
The IR-1/CR-1 is superior to the K-3 in virtually every other respect. No adjustment of status is required. No paperwork at all is required until removal of conditions, almost two years after entry (and that's only needed if the marriage is less than two years old at the time of entry). Social security card comes automatically, no employment authorization is needed, LPR status starts immediately upon entry.
Note that the filing process for the K-3 starts by filing the I-130. That I-130 will eventually result in an IR-1/CR-1 visa if you pursue it to completion. So the K-3 vs. CR-1 decision isn't an either/or. You either start the CR-1 alone, or you start both the CR-1 and the K-3, and watch them "race" each other through the system. You can take whichever one wins the race. You can even take the K-3, enter the US, and then go back to the consulate and get the CR-1 when it's ready. Other than the filing fee, there's really no downside to filing for the K-3 once you've started the CR-1. Since it might provide a shortcut, most people file for it. You can always abandon the K-3 when the race is nearly complete, if the CR-1 is winning or if the timelines are close enough that it doesn't matter.
In addition. You must now also clearly indicate on the I-130 that the beneficiary will use the consular process, or the I-130 will be held at USCIS (not forwarded to NVC). An I-824 (fee $200) would then need to be filed to have the approved I.30 transferred to NVC
Exerpt from the new procedures.....
If the beneficiary should later elect to consular process instead of applying for adjustment of status, Form I-824, Application for Action on an Approved Application or Petition, must be filed with the USCIS office that approved Form I-130. Upon favorable action on Form I-824, USCIS will send Form I-130 to the NVChttp://www.uscis.gov/files/pressrelease/PN_i-129f.pdf