If I were building a bike up today from scratch, I wouldn't go 110bcd 3/32
2 years ago I bought the frame, had all the parts to ride it THAT DAY on 3/32, it all lines up nicely, and I never changed it out. I now have a nice collection of cogs, rings, chains, so its hard to make the change this point.
Just saying the bike still works (for me, not sure if it lines up always).