Bob:
The typical residential arrangement in the US is to have 3ph high voltage connected to a neighborhood transformer that steps it down to 240V. At that point it gets distributed to a few streets in the local area using two hot (non-neutral) wires, with different pairs run on different streets (or just to different houses) for load balancing. (This can result in some odd situations, where you may have power on one side of the street while the other side of the street can be out. A few years ago this happened in my neighborhood after a lightning strike. After about a day, some people were running extension cords across the street to get power from their neighbors for their refrigerators and freezers.) Each house gets hooked in at an electric meter, then the lines run into a distribution panel in the house. Today, the panel is usually sized to handle 200 amps, but some big houses have 400 amp panels and older houses have 100 amp panels. Really old houses might have a 40 amp fuse box.
Each house is separately grounded, and while the two incoming lines are 240V relative to each other, they are 120V to the ground. At the panel, a neutral line is created with a direct tie in to the ground, while a real ground wire is also hooked in (the ground wire is usually uninsulated and is there strictly for safety). For 120V circuits, you have one hot line and the neutral line coming from one circuit breaker (plus the uninsulated ground wire). These lines are either 15 or 20 amps, and are branch circuits (no ring mains). For 240V circuits, you have the two hots and the ground wire, and (usually) no neutral. These can be wired for any size, but are typically 20 amps for general use and 40 or 50 amps for things like electric clothes dryers, electric ovens, and air conditioners. I have a 100 amp circuit to a sub panel in my shop, along with a 60 amp circuit to my garage that also feeds my phase converter. Within my shop I have 120V 20 amp circuits and 240V 30 amp single phase circuits for my single phase machines, lights, and heat pump, and 240V 20 amp circuits from a three phase panel fed by my phase converter.
Since there are only two wires going to each house, you can't have 3ph power from the power company unless you want to pay big bucks for them to run a separate line. In business areas, 3 phase is usually run to every building.
I hope this all makes sense. I'm not an electrician. I used to say that everything I knew about electricity I learned from Lionel trains, but since I put in my phase converter that's not really true anymore.
Kirk