Air Release will expell air at a controlled rate. This helps minimize surge pressures when the pipe is filling.
Air/Vacuum Valves expell large amounts of air quickly when the pipeline is filling, and will allow air to enter the pipeline to prevent a siphoning or negative pressure conditon, but once the initial filling of the pipeline is completed they shut off and will not exhaust air that may accumulate over time at a high point.
Combiniation valves will serve the function of both valves above, and if there is ever a question these are what I tend to default to. I never do a strictly Air/Vacuum valve...should an operator change a set point or something else at the pump station it would be easy for the pump to suck some air near shutoff and airlock the pipe over time.
Usually the cost of Combination ARV's is minimial in the overall cost of the force main and I tend to err on the side of caution and place more than fewer, if there ever is an air problem in the force main you and your client will have much more $$$ in troubleshooting than the valve cost to put in in the first place.
As previously mentioned, keeping the velocity to around 4 fps is a good idea, and at a minimium 3 fps, even though most state regs say 2 fps.