Open Delta 120/240V 3Φ 4W Services
If there is only 3 conductors on the service drop, it would be ungrounded 3Φ or corner grounded 3Φ. But my guess is your not counting the bare support conductor, which also acts as the neutral or the fourth conductor.
The wild leg is 208V with respect to neutral, the other two legs are 120V with respect to the neutral. The system was common in older districts but has been generally phased out in preference to Y systems 120/208 or 277/480V.
The disadvantage of it is two things.
First it lends itself to unbalanced loads on the utility system. One transformer pot carries all of the single phase loads and 2/3rds of the three phase loads, and is usually larger to accommodate this. The second transformer pot only carries 1/3rd of the three phase load and is normally smaller.
Second is the user needs to be careful not to connect any 1Φ 120V circuit loads to the 208V wild leg third phase. To prevent this from happening it's best to have two main panels, one 1Φ and one 3Φ, then it's less likely to connect a 120V load to the wild leg. If there is only one 3Φ panel every third connection on the bus is 208V and cannot be used for 120V loads. Meaning you will loose some circuit slots for 120V circuits.
The advantage to it was that both 1Φ and 3Φ loads could be supplied from only 2 transformers, one of them being smaller than the other. The utility took care of the unbalance problem by alternating the primary connections of each set of distribution transformers on the local network.
Other than the things mentioned you will have no problems running your equipment on it. In my area it's still being used widely, in older districts.
SAF Ω