This article by Yngvason is probably a good start:

Yngvason, J. (2005). The role of type III factors in quantum field theory. Reports on Mathematical Physics, 55(1), 135–147. (arxiv)

The Type III property says something about statistical independence. Let $\mathcal{O}$ be a double cone, and let $\mathfrak{A}(\mathcal{O})$ be the associated algebra of observables. Assuming Haag duality, we have $\mathfrak{A}(\mathcal{O}')'' = \mathfrak{A}(\mathcal{O})$. If $\mathfrak{A}(\mathcal{O})$ is not of Type I, the Hilbert space $\mathcal{H}$ of the system does not decompose as $\mathcal{H} = \mathcal{H}_1 \otimes \mathcal{H}_2$ in such a way that $\mathfrak{A}(\mathcal{O})$ acts on the first tensor factor, and $\mathfrak{A}(\mathcal{O}')$ on the second. This implies that one cannot prepare the system in a certain state when restricted to measurements in $\mathcal{O}$ regardless of the state in the causal complement. It should be noted that if the split property holds, that is there is a Type I factor $\mathfrak{N}$ such that $\mathfrak{A}(\mathcal{O}) \subset \mathfrak{N} \subset \mathfrak{A}(\widehat{\mathcal{O}})$ for some region $\mathcal{O} \subset \widehat{\mathcal{O}}$, a slightly weaker property is available: a state can be prepared in $\mathcal{O}$ irregardless of the state in $\widehat{\mathcal{O}}'$. An illustration of the consequences can be found in the article above.

Another consequence is that the Borchers property B automatically holds: if $P$ is some projection in $\mathfrak{A}(\mathcal{O})$, then there is some isometry $W$ in the same algebra such that $W^*W = I$ and $W W^* = P$. This implies that we can modify the state *locally* to be an eigenstate of $P$, by doing the modification $\omega(A) \to \omega_W(A) = \omega(W^*AW)$. Note that $\omega_W(P) = 1$ and $\omega_W(A) = \omega(A)$ for $A$ localised in the causal complement of $\mathcal{O}$. Type III$_1$ implies something slightly stronger, see the article cited for more details.

As to the first question, one can prove that the local algebras of free field theories are Type III. This was done by Araki in the 1960's. You can find references in the article mentioned above. In general, the Type III condition follows from natural assumptions on the observable algebras. Non-trivial examples probably have to be found in conformal field theory, but I do not know any references on the top of my head.

This post has been migrated from (A51.SE)