OK - let's clear up some misinformation that's starting to pop up here.
Richard and Frank, the correct wiring for a straight 240v, single phase machine (in the US, at last - Europe is a different story) would be 2 hots + grounding. There would be no neutral.
The reason that you don't need a neutral is not because the neutral and grounding conductors are eventually bonded at the main panel. The reason is that a 240v, single phase motor only needs the 2 hots to run. No current flows back through the grounding conductor (unless the motor has an internal short, but that's a different story). You could hook up a 240v, single phase motor to just the 2 hot legs and it'd run fine. The grounding conductor is for safety. If you're running a 3-wire circuit for a 240v motor, it would be 2 hots + grounding (green or bare wire), not 2 hots (black + red) + neutral (white).
TJ III - the new NEC requirements for 4-wire, 240v circuits applies to new dryer and range circuits, not motor circuits.
Mike is correct about there being NEC rules about motors. In general though in our residential workshops, and especially for starting something like a tablesaw which is a lightly loaded start, treating the circuit as a normal branch circuit is fine. For a 3 HP saw, a 20 amp circuit should be fine. I would use twistlocks because they guarantee a more secure connection - the L6-60 series is what you'd want.
The one option here is if you want to run a router table in your saw's extension table, you'll need a neutral. One way to do that is just run a plain old extension cord for the router when you need it. Another is to run a 4-wire circuit for the saw (hot, hot , neutral, grounding), run a 4-wire cord from the wall plug to a junction box that you mount on your saw. On that box you'd have a 240v, 3-wire outlet to plug your saw into and a couple of 120v receptacles for your router, drill, etc. Obviously - the simplest route is a 3-wire receptacle for the saw and run a separate extension cord for the router if/when you need it.
Rob
(experience amateur/homeowner electrician)