Opinion on setup pros and cons if there are any.

I have three locations that are connected by a layer 2 ring. They have their own networks at each location. I intend on setting up OSPF. Currently one of the three networks does the routing for the others by being extended around the ring. I am working to lesson the scope of the one so it is local to just the one location. Is it better to have just one VLAN around the ring with a /29 that will have one IP for each location and will have some for future growth. Or is it better to have three point to point networks. I am trying to think of any benefit of using point to point over broadcast for OSPF and if one way is more correct over the other.