However, to answer the original question:
Common 120/240V meters work as Jim described, and assume that the line-line voltage is in phase with the line-neutral voltage, and that the line-line voltage is evenly divided between the two line-neutral voltages. This assumption is not theoretically correct, but is apparently close enough for billing purposes on 120/240V services.
If you assume a _perfect_ version of such a meter, then on a 120/208 service, all _line-line_ loads would be billed accurately, but line-neutral loads would be significantly underbilled.
I belive that line-neutral loads would be metered at 75% of true value.
-Jon