David:
This is wrong with respect to standard power circuits, correct with respect to 3-phase power. A 3 phase motor does have higher torque and lower heat loss etc, Mike's Grizzly band saw does not.
There are technical gains in using 220/240 (most of the time these terms describe the same actual line voltage), but they are generally too small -things like lower power losses due to wire heating, marginally high field densities etc. - to notice without instrumentation. (One exception: if your tools are far from fixed wiring, a 220 cord can be longer with lower power losses than a 120).
Both my planer and my bandsaw came as 110/220 and I opted for 220 for both - but only because wiring my garage for 220 gave me access to higher power tools like the table saw and jointer and I like consistency.