I somewhat disagree with you, epete.
If they are planning on running any 277v or 4-wire loads directly from the service (that is, with no intervening 480:480/277 transformation), the service is required to be solidly grounded or at least high impedance grounded per NEC 250.20(B) or 250.36.
Also, seems to me that a 3-phase bolted fault would be of the same magnitude regardless of system grounding, and would require the same fault bracing on the downstream equipment. True, a single-phase ground fault would be of almost negligable magnitude, probably less than 20 amps, but unfortunately this also makes detection/relaying of that fault current almost impossible. And if you get a second phase ground-fault, your system is still coming down, and at a higher magnitude of fault current than the single-phase ground fault on the grounded system.
The overvoltage imposed on the system insulation during a single-phase ground fault means that such systems require a higher insulation rating. Overvoltages can range from 173% on a steady-state fault to 500% on an arcing fault (due to the capacitance of the system). That is the difference between breakers rated 277/480 and just plain 480 -- you should never apply a 277/480 volt breaker on an ungrounded system.
You are right that ground-fault protection per 215.10 would be required only on the solidly grounded system (assuming this is a 1000 amp service), but if it is ungrounded, then it would be strongly recommended to provide zero-sequence voltage relaying to help detect the fault.
If you ask me, the best of both worlds is to provide high-impedance grounding. This provides for easier detection of ground fault while still maintaining operations during a single-phase fault. This configuration is not widely used due to the increased cost and size, except where very high reliability power is required. If you're not going to do high impedance grounding, then I'd recommend the grounded neutral.
The IEEE Red Book, Chapter 7, backs most of this up.