Another coach and team to look into about the 3-4 is Dick LeBeau and the Steelers. Dick LeBeau is basically the guy responsible for the development of the zone blitz and the Steelers have been running a 3-4 since the early 80's. Actually kind of funny, the popular Tampa 2 defense was what the Steel Curtain was, Tony Dungy was an assistant with the Steelers and learned the formation from Chuck Noll and his staff took it with him, added a couple of wrinkles and viola the Tampa 2.
Anyway back to the subject at hand -- I think pimpsahoy pretty much nailed the general keys to the 3-4. One of the biggest reasons to use a 3-4 defense is that it is really suited to a very athletic team and you can disguise the 3-4 so easily that just the scheme alone can be very difficult for a quarterback to identify.
I heard alot of people generally unfamiliar with the 3-4 have concerns when it comes to the spread, actually it is most likely the best defense to defense the spread, since it typically allows for more disguise of the coverage and more athletic players on the field i.e. one more linebacker one less lineman. One of the main keys to make it work though, is the nose tackle. You gotta have a huge run stopper in the middle, a guy just like Terrance Cody. Quality defensive ends are also key, but as long as you have a powerful front three the LB's can cause havoc. Sometimes they rush, sometimes they drop and sometimes you mix in a zone blitz and totally throw off the QB's reads.
One huge advantage for the 3-4 in college is that it's not used very often, and teams may only see it once a year. So they have to do that much more game planning to be prepared for the game. Plus you can mix so many different looks and packages, teams may have to go through 2 or 3 games worth of film see most of the defense.
Maybe I'm biased but I grew up watching the 3-4 and love the defense, and if it is run correctly with quality athletes (which it looks like we will have soon) it can be an extremely effective D. Heck the teams that run it in the NFL usually have the best numbers against the run. Once Saban's recruits start to get more playing time I think this D will be a brutal force.