Hollow grinds are good for shallow slicing. They have less material right behind the final bevel, so for shallow slicing they have less drag. As the knife slices deeper, the amount of drag increases exponentially. Hence, hollow grinds are good for skinning, or cutting packing tape. They are less good for cutting the front side of a box off or cutting a piece of styrofoam in half.
Convex grinds have more material behind the edge. They are stronger but not as good at slicing. Convex grinds tend to be better for chopping or cutting which requires a most robust edge.
Flat grinds are basically in between. They offer more strength than a hollow grind but less than a convex grind. They slice better than a convex grind, but not as well (at shallow slicing) as hollow grinds. Because the increase in drag is liner, and the primary grind meets the material being cut at a more glancing angle, flat grinds are better than hollow grinds at deep cutting, such as cutting styrofoam in half.
They each have pros and cons. One is not better than the other. These grinds also have a lot of variation within each type, so what I have given above are just generalizations. A very thick flat ground knife will not slice as well as a very thin convex grind. There are some very robust hollow ground knives, and some very weak convex and flat ground knives. Each knife should be judged on its own merit- the type of grind it has should only be used to give you a basic idea of what it excels at.