Hi.
Yes, the reason there are 3 legs is renormalizability. In some cases 4 legs may be allowed. Please allow me to explain. My story here is only for illustration; I won't bother to put in even i\epsilon prescription, and I will omit free amplitudes since they don't affect the divergence or the convergence of the result.
Let's begin by calculating scattering amplitude for some well known process. This will demonstrate why we actually can calculate amplitude \mathcal{M}. Consider Feynman diagram in this image:
http://www-zeus.physik.uni-bonn.de/~brock/feynman/vtp_ws0506/chapter04/mupair.jpg
There are 2 vertices, so we put factor
(-ig)^2
as our starting integrand in impulse space.
There is 1 internal line, so here goes factor i/q^2. So now we have
(-ig)^2\frac{i}{q^2}
as our integrand.
We next notice conservation of 4-impulse in left vertex. So here goes factor (2 \pi)^4 \delta^{(4)} (p_1 -p_2 -q). We have now arrived at
(2 \pi)^4 (-ig)^2\frac{i}{q^2} \delta^{(4)} (p_1 -p_2 -q)
as our integrand so far.
We next notice conservation of 4-impulse in right vertex. So here goes factor (2 \pi)^4 \delta^{(4)} (p_4 +q-p_3 ). We are now at
(2 \pi)^8 (-ig)^2\frac{i}{q^2} \delta^{(4)} (p_1 -p_2 -q) \delta^{(4)} (p_4 +q-p_3 )
We next integrate over internal line with measure d^4 q /(2 \pi)^4. Integral is
-i g^2 (2 \pi)^4 \int \frac{i}{q^2} \delta^{(4)} (p_1 -p_2 -q) \delta^{(4)} (p_4 +q-p_3 ) d^4 q
However, there is no actual integration required, because we have 2 delta functions inside our integral. After integrating over muon delta (2 \pi)^4 \delta^{(4)} (p_4 +q-p_3 ) and discarding the remaining delta, amplitude for muon is simply
\mathcal{M} = \frac{g^2}{(p_3 - p_4)^2}
We notice no integration was actually done, except the trivial one over delta function. If we had to integrate without delta functions, we'd be in trouble.
How much in trouble? Consider following image - Feynman diagram for electron self-energy, top left diagram:
http://physics.aps.org/assets/504e151caf028bb0
OK, first we find delta for left vertex. It is (2 \pi)^4 \delta^{(4)} (p-p+l-l)= (2 \pi)^4 \delta^{(4)} (0) =\lim_{\Delta \to 0+}\frac{(2 \pi)^4}{\Delta^4}. Ops... It diverges... What about right vertex? Same. So, we should integrate over internal line? With this? We have a divergent integral now even if we discarded both deltas!
So what about 2 vertices and 2 internal lines? Well, the integral we are left with is similar to our convergent integral we started with:
g^2 (2 \pi)^4 \int \!\!\! \int \frac{1}{q_1^2} \frac{1}{q_2^2} \delta^{(4)} (p_1 -p_2 -q_1 -q_2) \delta^{(4)} (p_4 +q_1 +q_2 -p_3 ) d^4 q_1 d^4 q_2
I just inserted another extra mediator, so now mediators have impulses q_1 and q_2.
OK, this is easy, we say. We first use first delta to the left, having q_1 + q_2 = p_1 - p_2. And now we are left with integral only over, say, q_2. The other delta left has argument p_4 - p_3 +p_1 - p_2 and now we can... Wait... This argument has no q_2 in it! And argument p_4 - p_3 +p_1 - p_2 is our conservation law: it is identically zero. So delta of it diverges the same way it did for electron self-energy. Same story again.
Oh yeah... It diverges alright.
So what happened? Well, some internal lines remained unchecked by delta. There is an elaborate theory about regularization and renormalization, though. The conclusion on renormalization is very simple. Feynman diagram with f_E external fermionic legs and with b_E external bosonic spin-1 legs will have convergent amplitude only if
b_E + \frac{3}{2}f_E >4
However, this is only true with 1 internal line per vertex pair. So what about 2 internal lines per 1 vertex pair? 1 vertex delta function cannot handle 2 integrations over 2 internal lines. It can only handle 1 integration. So 1 divergent integral will remain. Can we regularize it and renormalize it? Not with our contemporary knowledge, no.
And what about Fermi beta decay:
It has four fermionic external legs. Hence \frac{3}{2} 4 =6 > 4 and it is a renormalizable process. There's a whole lot of shaking going on with internal lines in shaded area of actual interaction, of course, just as You mentioned.
Finally, I'd like to add that I'm not quite sure I was answering the right question here :shy: So please have mercy on me
Cheers.