From what my EE instructor told, the voltage is not in fact doubling, as each hot (120V) is drawing 5 amps for 1/2 the 50/60Hz cycle, the voltage increases, but only for half the cycle. If you look at the wiring for a ballast, it has 120V, 240V, 277V, and 347. Each of these is a hot and then you attach the "common/neutral" and you complete the circuit. The 50/60Hz is how many times per second that the voltage changes direction. So for half the cycle (25/30) times per second, L1 is powering the ballasts, then for the other 25/30 times per second, L2 is powering the ballast. All I remember is my instructor explaining this to the class. He said that it's the biggest misconception about 120V over 240V. The only savings come from the size of the wire you need. Since each L1 and L2 are drawing 5 amps, then you can use 14AWG even 16AWG.
Olyver