You'll never see any new-build third rail with commuter rail, one can safely assume. Despite advantages relating to access for MOW crews, far lower susceptibility to wind damage than catenary, existing dual-mode capabilities (compared to AC catenary), lower tunnel/bridge clearances et al, the disadvantages such as loss of power during heavy snows, ice storms and floods (both LIRR and Metro-North continue to fall victim whereas NJ Transit keeps running), high number of substations per mile, loss of power in gaps at grade crossings and switches/crossovers (which generally precludes the use of push-pull electric locomotion, but not always since trains running out of Victoria Street in London, England operate thus), safety concerns (at grade crossings and low-platform stations, the third rail is highly accessible), third rail is thus eschewed. Another disadvantage is loss of current through proximity to the ground.
The upper limit for speed with a third-rail system is generally accepted to be 100 mph, this being due to concerns regarding the contact shoe being able to maintain contact with the third rail. Also, AC third-rail is indeed extremely rare; the only systems that currently use it are the metro systems in Moscow, Russia and Pyongyang, North Korea (825 volt system).
Light rail usually uses DC overhead due to concerns with current arc IIRC. Certainly would not be a nice thing to be driving under 25kV 60Hz AC on the street and a high-amperage arc hits your car…