For poly phase systems:
% unbalance = 100 * maximum deviation from average voltage / average voltage.
According to ANSI C84.1:
Supply systems should be at 3% or less at the meter under no-load conditions. 98% of systems surveyed are within 3% and 66% of the systems surveyed were with 1% unbalance.
That said, when you get to the 0.5-1% range, you might expect to have to derate the equipment. Your class notes were probably referring to what you need to do to avoid derating the equipment.
Add: In the formula, use line-line voltages.