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I often choose "SmartSection" module for my long 'articles' mainly because I can embed a huge range of mime types into the content easily. Word docs, pdfs, all sorts of video formats and many more. I can also allow/disallow comments on a per-article basis.
I choose "Content" for wrapping html pages, for creating 'sub-sections' of similar content (recently I added a sub-section to a site of over 100 word template generated docs). I also like that it has a separate menu block that I can use. (I rarely use the system's 'Main menu').
'News', to be honest, has fewer options, and therefore is more suited (IMHO) to quick 'blogging' style posts.
I don't think there's anything inherent in any of the three modules that restricts them to one type of publishing rather than another. Maybe it just comes down to personal preferences in the end. One thing is for sure, it's nice to have the choice!
Never let a man who does not believe something can be done, talk to a man that is doing it.