A lot of serious industrial accidents occur with the use of 347 or 277 volt lighting. In many cases 277 or 347 saves the use of the transformer for a 480 or 600 V 4 wire Plant supply. 208 volt Y is also common and safer. With 208V 3phase 4 wire supply each luminaire is 120V (phase to neutral).
As for 240V verses 120 V, assuming it's a single phase supply the only advantage I can see is one can put more luminaires on the same feeder circuit. 240v lighting is usually used for longer runs e.g.: parking lots, park lighting, some street lighting, sports lighting, factory lighting, wall packs. It is usually not used for areas where a 3 phase voltage supply is available.
If you used a 120/240V lighting supply on a similar 240V run if one leg trips you would still have half of the lights on.
Ray Micallef, P. Eng.
Power Generation/Utility Industry