If you have the chance, take a dead fan apart. It's really some very interesting technology, it's actually an inside out motor where the windings are on the stator and the commutator is a magnetic ring with several pole reversals around it's circumfrence.
What the chip does is reverse the polarity of the stator windings to cause the magnetic ring commutator to jump towards the winding's opposite pole, reverse it often enough and you get a spinning motor.
Fans with a tachometer in them also have a second small chip on the internal circuit board. This works by monitoring the stator windings for reverse pulses caused by the magnetic commutator, which are then cleaned up and sent back down the third wire.
Kewl stuff!
<b>(</b>It ain't better if it don't work.<b>)</b>