What he said.
220VAC will produce less waste heat than 115VAC, which means, less power used.
High power appliances work best on 220VAC, so do high power lights.
Short Electrical Theory lesson.
You can calculate the difference you will see in amperage draw from a 120V circuit vs 240 volt circuit with Ohms Law.
Without getting too much into Ohm's Law one of the various useful calculation of Ohms law is Power = Volts X Amp's, otherwise written as P = E X I
I could be wrong, but I believe the power usage will be about the same. 600w is 600w, the advantage of 240v is less amperage draw. For example (these numbers are for reference only, I'm making them up) If a 600w light draws 15A@120V it might only draw 10A@240v so you could run 3 lights on a 30A 240v circuit vs. only 2 lights on a 30A 120V circuit. Hopefully an electrician can come and clear this up but I'm pretty sure that's the main difference.
We'll use the above numbers for an example.
If you have a 600 watt light, that in a perfect world used exactly 600 watts, using the equation above, and at 120v, you'd get as follows:
600 Watts = 120 volts x (I) ----> or rewritten as I = (600 watts / 120 volts) for a total of 5A.
There is no perfect world, and the electronics required in digital ballasts to modulate frequency, and regulate voltage all require power, in a conventional ballast you have transformer losses. So you have a loss of the ballast itself plus a 600 Watt lamp load.
Now apply the same equation to a 240 volt circuit. As superstoner1 wrote "its still pretty much the same. watts are watts". Even though we are moving to 240 volts, the load is still a 600 watt load regardless... watch what does change though.
600 watts = 240 volts x (I) ----> or rewritten as I = (600 watts / 240 volts) for a new value of 2.5A.
Notice that the amperage and voltage have an inverse relationship. As you increase the voltage the circuit draws less and less current.
On a side note, they actually manufacture 480 volt ballasts, in this circuit if you again double the voltage from 240 volts to 480 volts.... you probably guessed it by now, the current will draw just a mere 1.25 amps...
What does this all mean? The electric bill stays the same... your still using 600 watts either way, but don't dismiss the benefits: Smaller wires... less copper expense in the lighting circuits, more efficient movement of energy. The dangers? High voltage, the need for increased safety measures, especially in wet/damp areas. Most residential properties don't have access to 480 volts, its an industrial standard. But if someone were to be growing at a commercial property, and the cost of circuit installation was a concern, and a 480 voltage service was available, running high voltage ballasts could be an attractive option.