For residential, I quite like the sound of a system they used in parts of Scandinavia (not sure if it still exists).
They had all 220-volt equipment fed from a 1-ph xfmr with a center-tap ground. In other words, very much like a U.S. residential arrangement but without any 120V circuits.
I'd keep what is now your neutral to the xfmr tap and use it solely as a grounding conductor.
As I see this proposed system;
Advantages: 220V power with only 110v to ground at any point. With no neutral as such, a N-G short couldn't go undetected; a short on either line to ground would trip a breaker. No need to worry about polarized plugs (equipment would have to be suitably designed, of course - Most already is, and many European countries don't have polarized plugs anyway).
Disadvantages: Cost of having double-pole breakers for every branch circuit. Awkward to do from a 3-ph distribution system. Any others?
What do you reckon?

[This message has been edited by pauluk (edited 10-02-2001).]