I just don't understand the advantage to doing it this way...Why not do it right?
The advantage is if you have allot of lighting to have 2 circuits instead of one big one and to balance the load. Its for safety really, plus its cheaper (smaller wire, cheaper breakers). If you had to run 2 circuits on the same phase you would need 2 neutrals to go with the 2 hots. Each phase can share a common neutral. You could run them all at 240 if you want to but then it will always be live unless you have all 2 pole switches. Its not odd ball wiring at all, most 240 appliances have 3 wire running to them, its mostly heating that doesn't use a neutral. If you aren't using contactors 240 volt timers are hard to come by as well.