No, you got it right: PGraphics3D.
Processing 3D rendering options (You can, of course, use them for 2D, but they just CAN go 3D):
PGraphics: It's 100% java, no platform-specific code. Very light, so people in a webpage won't even notice they downloaded it. However, the graphics card doesn't do the integrated acceleration, but its still amazingly fast. The developers say it's "innacurate, but fast".
OpengL: can do hardware acceleration, and can therefore get some really pretty results (smoothing is pretty great), but some people's graphics cards can't handle it (especially if they have a broken driver). Also, it requires ~ 300 kb of extra plugin to get it to work, so users in a browser will have to wait just a little bit longer for it to start up. 
2D rendering options:
P2D: Doesn't exist yet. Ignore it.
Java2D: The current default renderer, really high quality rendering but really slow