When you compare to buterfly valves, it's important to make a distinction: Rubber lined/High-performance (Double-offset) or Triple offset.
In general, butterfly valves are limited because the vane bisects the flow path. So pigs, slurries, etc. meet an obstacle, and the sealing edge of the vane is directly exposed to erosion. Also, the vane generates a significant dynamic torque which peaks at about 70 degrees open. It makes butterfly valves a little challenging to throttle with. Since the vane is on a shaft, which can be considered a beam supported outside the pipe cross-sectional area, they are limited in the shutoff they can take. ASME 150 and 300 are universally available in HP valves, ASME600 is seen less frequently but still not impossible to find, but by the time you get above class 600 the shaft diameter has to be so big it's almost hard to tell when the valve is open.
Rubber-lined butterfly valves are typically rated pretty low in shutoff pressure...225 psi or less. DOuble-offset valves must have resilient seats so once the application temperature exceeds the capabilities of available polymers, metal seats are used and leakage drops usually to FCI70.2 class IV(altho there are some class VI metal seats.) Metal seats available to around 1100F, but they ARE a bit fragile since they must be made of thin stock to be conformal. Rubber-lined and Double offset valves are position-seated. They are as closed as they get when the major axis of the vane is at 90 degrees to the pipe axis. If you go past this point, they begin to open again.
Triple offset valves can use metal seats for zero leakage. They are torque-seated. Usually there is a conforming insert, but the amount of distortion it must accomodate is small and the sealing member can be quite robust. To close the valve, run the disc into the seating surface, and torque like mad to cause the surfaces to conform to each other.
Butterflies are less expensive than ball valves of the same size, shut off better at low pressures, and are very compact. Butterfly valves usually are available in 2" and larger, while ball valves from 1/4 inch are the norm.
Please have the following etched on a granite slab and displayed in a place of prominence:
THERE IS A BEST VALVE FOR EVERY APPLICATION
Type X valves are not universally better than type Y valves. One valve type does some things better than other valve types. Knowing what you want the valve to do, and selecting the right valve to do it is the key to succesful application.