Unless your intended loads are entirely 120/208V, you have no equipment capable of being converted to 277/480V, and your expected total demand is so low that you can't justify $1500 for a 480/208 D-Y transformer, the logical choice is 480V. If by "new service" you mean that you have an empty building, and the utility can give you either or, consider the purpose of the electric power and choose the voltage that can provide the anticipated kVA requirement without the need for parallel conductors and high-current panels. Of course, if you're wiring a factory, consider a customer-owned transformer and bring it in at 4.16kV or higher; but if you're just talking about a machine shop or something like that, you can get about 65kVA out of a standard 120/208V service, and about 150 kVA from a 277/480V service, assuming a standard 225A main disconnect and proper derating for NEC compliance.
A friend who owns a machine shop took up residence in a building with 120/208V service until his second CNC machine showed up. The second machine put him over the top of the 65 kVA available. Now he's got 150 kVA available, and runs his 120/208 loads from a small 480/208 D-Y transformer and panelboard.
I apologize if a facsimile of this post shows up as well. My first post, and I think the last try went to the infamous /dev/null, but it may still be floating around somewhere.