Thanks for the comments and help.

The colo's prices are $200/month for 110V and $250/month for 208V. Taking 2 - 110's is $400/month vs splitting a 208 into two is still $250. So a $150/month savings by splitting the 208V.

My understanding on heat is that a server is going to put out the same heat no matter what Volt you send it. 5 AMPs x 110V = 2.5 Amps x 220V = 550 Watts

Does anyone know of a product that would convert to 208 into two 110?