Remember that most receptacles' ratings are based on slot configuration, and not current-carrying or insulative parts' capacities.
Ratings most certainly are based on other criteria such as creep distance and clearance. When you remove the tab between the slots you are left with only ~0.12" of clearance (measured on one receptacle I had available near by). Normally this would not be of any concern when using the second terminal as a switch leg.
In this post's configuration you now have 240V separated by only ~0.12".
There are many different variations of charts for clearances and creep distance. I believe this distance just barely meets the minimums (depending upon the definitive chart used).
One manufacturers data sheet I looked at only specifies 125V and is not specific about its use in this configuration.
As someone mentioned I would certainly want to use the better grade of receptacle if I were using it in this application.
As can be seen in this specification sheet for a Industrial grade device they also include a Dielectric voltage rating. I wonder if this rating is retained when using in this application?
http://www.leviton.com/OA_HTML/ibeCCtpItmDspRte.jsp?item=7895§ion=10954&minisite=10021
As I have said I accept others here knowledge on the subject and their comments that it is legal. I just wanted to better define what my initial concern/surprise was.