JG,
Priority valve. A priority valve, is essentially a flow-control valve that supplies fluid at a set flow rate to the primary circuit, thus functioning as a pressure-compensated flow-control valve. Flow in excess of that required by the primary circuit bypasses to a secondary circuit at a pressure somewhat below that of the primary circuit. Should inlet or load pressure (or both) vary, the primary circuit has priority over the secondary.
The word priority essentially describes it self by the fact that something has to come first, such as steering circuits, over any thing else on the machine.
For instance, On my Power-Trac, my steering circuit has it's own pump, but also including in the steering is my lift and tilt for the FEL. Whatever hyd fluid is left over from the steering is passed on to the lift and tilt. If I am not turning, all the fluid goes to the FEL. If I steer a little, some fluid is used for steering and the remainder goes to the FEL. You should always want steering control.
Valve priority. If you have two valves connected through the PB port. you could say the first valve has priority, the second valve only gets fluid when all spools on first valve are in neutral.
One , two, or three pumps, means that you can handle multiple things going on without decreasing work being preformed. Since I have three pumps, I can use all three to their full potential. I can steer, run the hydraulic PTO, and use the hydro-stat pump to run my hydraulic motors. To do all this, the engine running all three pumps, has to be large enough to accomplish the task. If the one pump is able to handle all the task required, then you only need one pump. Now, say you want to put a BH on the tractor, the hyd pump may not be large enough to run it, and then you could add another pump to the PTO shaft, with a small reservoir, and get the job done.
What you should do when looking for a tractor, is to state the work you hope to do, and the guys that live, breathe , and love their tractors can help you make a logical decision. There is a lot of tractor stuff out there. Things like farm size, implements you desire, HP wanted, gear or hydro-stat, FEL, tires, brand name, grey market, US made, foreign made.
etc.
http://www.hydraulic-control.com/PRIORITY-VALVE.php