Well Gemini5362 I may be wrong but seeing as I'm still around and have worked with single phase and 3 phase for most of my adult life and am now consider a senior by what you've said I should have died a long time ago.
From wikipedia;
Three-phase electric power is a common method of alternating-current electric power transmission.[1] It is a type of polyphase system, and is the most common method used by electric power distribution grids worldwide to distribute power. It is also used to power large motors and other large loads. A three-phase system is generally more economical than others because it uses less conductor material to transmit electric power than equivalent single-phase or two-phase systems at the same voltage.[2]
In a three-phase system, three circuit conductors carry three alternating currents (of the same frequency) which reach their instantaneous peak values at different times. Taking one conductor as the reference, the other two currents are delayed in time by one-third and two-thirds of one cycle of the electrical current. This delay between "phases" has the effect of giving constant power transfer over each cycle of the current, and also makes it possible to produce a rotating magnetic field in an electric motor.
Three phase systems may or may not have a neutral wire. A neutral wire allows the three phase system to use a higher voltage while still supporting lower voltage single phase appliances. In high voltage distribution situations it is common not to have a neutral wire as the loads can simply be connected between phases (phase-phase connection).
Three phase has properties that make it very desirable in electric power systems:
The phase currents tend to cancel out one another, summing to zero in the case of a linear balanced load. This makes it possible to eliminate or reduce the size of the neutral conductor; all the phase conductors carry the same current and so can be the same size, for a balanced load.
Power transfer into a linear balanced load is constant, which helps to reduce generator and motor vibrations.
Three-phase systems can produce a magnetic field that rotates in a specified direction, which simplifies the design of electric motors.
Three is the lowest phase order to exhibit all of these properties.
Most household loads are single phase. In North America and some other countries, three phase power generally does not enter homes. Even in areas where it does, it is typically split out at the main distribution board.
The three phases are typically indicated by colors which vary by country.
Also;
Conversion to other phase systems
Provided two voltage waveforms have at least some relative displacement on the time axis, other than a multiple of a half-cycle, any other polyphase set of voltages can be obtained by an array of passive transformers. Such arrays will evenly balance the polyphase load between the phases of the source system. For example, balanced two-phase power can be obtained from a three-phase network by using two specially constructed transformers, with taps at 50% and 86.6% of the primary voltage. This Scott T connection produces a true two-phase system with 90ï½° time difference between the phases. Another example is the generation of higher-phase-order systems for large rectifier systems, to produce a smoother DC output and to reduce the harmonic currents in the supply.
When three-phase is needed but only single-phase is readily available from the utility company a phase converter can be used to generate three-phase power from the single phase supply.
[edit] References
Stevenson, William D., Jr. (1975). Elements of Power Systems Analysis, 3rd ed., McGraw-Hill electrical and electronic engineering series, New York: McGraw Hill. ISBN 0-07-061285-4.
Also incase it was missed, US wiring Hot to Neutral = ~120VAC, Hot to Hot = ~208VAC, Sound familiar. Now before I get flame that is with an RMS voltmeter not a peak voltmeter there is a difference.
So maybe I'm not so wrong. But hey I've only been involved with electricity for about 40+ years.