  We analyze the spectrum and properties of a highly-deconstructed Higgsless
model with only three sites. Such a model contains sufficient complexity to
incorporate interesting physics issues related to fermion masses and
electroweak observables, yet remains simple enough that it could be encoded in
a Matrix Element Generator program for use with Monte Carlo simulations. The
gauge sector of this model is equivalent to that of the BESS model; the new
physics of interest here lies in the fermion sector. We analyze the form of the
fermion Yukawa couplings required to produce the ideal fermion delocalization
that causes tree-level precision electroweak corrections to vanish. We discuss
the size of one-loop corrections to b \to s \gamma, the weak-isospin violating
parameter \alpha T and the decay Z \to b \bar{b}. We find that the new
fermiophobic vector states (the analogs of the gauge-boson KK modes in a
continuum model) can be reasonably light, with a mass as low as 380 GeV, while
the extra (approximately vectorial) quark and lepton states (the analogs of the
fermion KK modes) must be heavier than 1.8 TeV.
