Craft's answer to {switch} from EE Does Craft have an answer to ExpressionEngine's {switch} tag?

{switch="classOne|classTwo|classThree"}
Yes, you can do the same in Craft using Twig's cycle function:

{% set myClasses = ['classOne', 'classTwo', 'classThree'] %}

{% for entry in entries %}
    {{ cycle(myClasses, loop.index0) }}
{% endfor %}