Re: 120/208 Sub Panel
It is the supply feeders to the sub panel.
This alternative method mention by Don is only allowed where there is no other conductive paths between the supply building and the building being supplied (Where the sub panel is) or where the supplying service is not protected by a ground-fault protection device.
Conductive path's could include water pipes, gas pipes, air, telephone cables, network cables, even CATV cables.
I would think that one or more of the above would be present in an commercial/industrial building or would be installed at a later date which could pose problems in multiple neutral current paths later on.
If this is a new installation then it would be best to install it as you stated in your first post. Keep the grounding conductors separate from the grounded(neutral) conductors, installing a grounding electrode at the separate building.