The Hackamore bridle explained and the Difference Between the Shanks
Hackamore bridles have a bit of a negative image, why is that? Unlike a side pull bridle, a hackamore has a lever effect, with contact on the reins, the hackamore bitless bridle divides pressure on the nose, chin and behind the ears. This is different from a side pull, which only puts pressure on the nose.

It is said that the hackamore can break the nose bone, and that the hackamore bridle would be painful for the horse. Is this true?
Breaking the nose bone is very unlikely and can only happen if the noseband is placed too low, with too thin of a noseband, extreme long shanks, an ill fitted headstall and an insane amount of pressure. But even with all these poor circumstances, it is close to impossible this could happen (also arguably you should never be allowed near an animal in your life if you use this amount of force and ill equipment but that's a different topic).
When can the hackamore be harmful?
The hackamore bridle can be painful when the noseband is too thin, made from rope or metal, placed too low on the nose, when the shanks are too long, when the chinstrap is a chain instead of leather or when the rider has a hard hand. But in the case of too much pressure from the rider, all bridles will be painful and the fault lies with the rider and training and not with the bridle.
Different hackamore shanks
A star hackamore wheel is the lightest version of the hackamore and has different 'settings' for attaching the reins. The hole between the chin and cheek pieces gives a side pull effect, the first hole next to the chin strap gives a slight lever, and the hole added back gives a little more. With a wide noseband and the right placement on the head, this can be a nice bridle for everyday training. Even with constant contact because the leverage effect is very minimal, it is more like a sidepull with a little extra that divides the pressure over multiple points instead of one.
Because you can also use this bridle as a sidepull, it's a very good bridle to start with if you're not sure what your horse prefers, you can figure it out with this bridle!
The 'Rose' hackamore shanks are the most versatile of them all. They are basically the same as the star, except they have an extra ring under the flower, this way you can choose how much leverage you want. This is a nice option for trailrides. For example, if you out on a trail and everything is going well, you can choose to put the reins a hole higher. Conversely, if things are not going as hoped, you can choose to put the reins a hole lower for more leverage so you have 'more in hand'. On a ride outside you generally have loose reins and you usually only use them to steer, as a brake or in case of emergency. The newest Butterfly shanks also have different options to clip the reins on.
Longer shanks = more leverage
The longer the hackamore shanks, the more pressure is applied on the nose and chin. The long Barco shanks are therefore less suitable for dressage, because there is constant rein pressure and you can not ask for the correct bend and balance. With the soft hand or double reins, this is a nice bridle, in this way you can give very subtle aids. The hackamore in combination with a ring on the noseband is called a cavemore bridle.
You frequently see even longer shanks in the jumping ring or in barrel racing, often referred to as the mechanical hackamore, where on paper there is no constant contact and clear, soft cues are needed. It is also a great bridle for hackers where you mostly ride with long reins but need 'something in hand' when it matters.
The different shanks and their lengt:
The plus points
All hackamore bridles have a 'direct release', this means that when the pressure is from the reins, it is immediately released from the whole head. This makes it a very nice bridle for jumping or riding outside. Activities where there is not constant pressure on the reins, but when it is needed, this bridle is clear and direct.
The bridle can be nice for sensitive horses because very light aids are needed. But also certainly suitable for strong, hot horses, in which case the leverage effect can help.
With the short star shanks it's also suited for dressage/flatwork as the leverage is very minimal.