We investigate the physical properties of a three-band generalized t-J
model within a systematic large-N slave boson approach allowing for d
imer, flux, and uniform magnetic order. The mean-field (N = infinity)
phase diagrams are characterized by the presence of phase separation,
resulting from the competition of kinetic and magnetic energy, which i
s not spoiled by the inclusion of a direct oxygen-oxygen hybridization
term, or of a copper-oxygen short-range Coulombic interaction term, a
nd could be of some relevance in the description of the high-temperatu
re superconducting cuprates. However, such a phase separation takes pl
ace between a magnetic dimer insulating phase and a metallic phase wit
h flux order, which is not experimentally observed. The question of th
e stability of such an exotic phase is addressed in detail showing tha
t the stability region of the flux phase can be greatly reduced especi
ally by removing the nesting in the uniform Fermi-liquid phase and by
the effects of the temperature. This scenario leaves open the possibil
ity of an electronic origin of the phase separation observed in the cu
prates. We also investigate the effects of the magnetic interaction J
on the metal-charge-transfer-insulator transition. Allowing for the fl
uctuations of the boson fields we show that this transition can still
be characterized by the softening of the excitonic mode. The analysis
of the Drude spectral weight, the specific heat, the compressibility,
and the magnetic susceptibility is finally carried out to leading orde
r in 1/N in the uniform Fermi-liquid phase at zero and low temperature
. We calculate the different Landau parameters renormalizing the vario
us quantities.