On wye systems:
208V line-line gives (3) 120V line-neutral circuits
240V line-line gives (3) 136V line-neutral circuits.

On delta systems:
240V line-line gives (2) 120V line-neutral and (1) 208V line-neutral circuits.

So if your intent is to have as many 120V cicuits as possible then you want 208Y/120.