ShemSeger's answer already contains good information and a great self-made illustration. So please read it, I will merely expand on it.
Three man parties
With single and twin ropes, you need to belay the two seconds separately after each other or attach one in the middle of the rope. With half ropes you can belay two seconds at the same time each on one strand of the rope. For details see Belaying two seconds?.
Impact force (norm)
One requirement for ropes defined by the EN/UIAA norm is the impact force ("Fangstoss" in German). This is the maximal force during a standard UIAA fall (quite complicated, simply: almost a factor 2 fall). The requirements differ for the three types:
- Single: Falling mass: 80kg. Max. force: 12kN
- Half: Falling mass: 55kg. Single (!) strand. Max. force: 8kN
- Twin: Falling mass: 80kg. Two strands. Max. force 12kN.
What does that mean: You should not use single ropes like twins, the forces on you and the protection will be quite a bit higher. If you use half ropes like twins, the forces are higher too. For half ropes if rope management (and thus drag) is not the issue, it is a judgment call whether to clip both strands or just a single one: If falling down on a ledge is an issue, clip both, otherwise just one (lower forces on the protection and you when falling).
Disclaimer: The following is my own reasoning and neither standard practice nor endorsed by manufacturers/organisations/norms:
This is also of concern when climbing with children. As half ropes are tested on a single strand and children are in general quite a bit lighter than 55kg (otherwise they do not fall into the category children for the purposes of this answer), using a single half rope for them while leading can be a good choice. With a single rope children are stopped very abruptly. Due to the smaller impact force on half ropes, this is less of an issue. Of course you need to look out for rock edges along the route (so only do this on single pitches). This is however not standard use and should never be done unless you know yourself why you want and can do it.