In N America, the simplest 3-phase is "208V" phase-to-phase voltage, which is formed by 3 phases of 120V phase-to-neutral, in the same way that the 240V in Europe translates to "415V" 3-phase. Just as in Europe, higher power (proper?) loads use a variety of higher voltages like 480V or 600V, as 208V isn't much of a voltage.
Domestic wiring in N America provides 2 "opposite" phases of 120V nominal, giving 240V for high power loads (cookers, driers, kitchen receptacles, workshops etc). If you move over from the UK, you can use your 240V gear with a bit of rewiring. All my stuff was fine, it just spins a bit faster!
In Europe, if you have a poor power factor, you are paying for power you aren't using, so the utility companies aren't too bothered. If you don' t like paying for that, you can fit your own remedies.
There are regulations governing the manufacture of high power equipment that limits the distortion (=harmonics) and power factor (angle), so unless some incredibly high power homebrew system gets connected up the the network there really isn't a problem. Some guy in a shed isn't going to even register on the radar.
I believe more than 50% of motors produced nowadays are inverter-driven unless I completely misremember. There's no real disadvantage to them apart from the initial cost, yet the benefits are several. For home users with no 3-phase, they are the obvious solution. The main requirement is that you need to connect your 3-phase motor in delta (240V) instead of star (415V). Some machines can't be reconnected this way. However, 3-phase motors are quite a bit more compact than single phase motors, so replacing one with a modern motor and inverter may still make a lot of sense.
Merry