Sorry, but if you place a 240 volt load on the system you can indeed get full rated power out of it. Or a balanced 120 volt load on each leg like I do when charging batteries. Or if you using a balancing transformer.
Tom, sorry but your statement is only 50% correct... If you wire your ST for 240V and you are ONLY using it to feed 240V circuit(s), YES you can use the full rated ST power output for your 240V circuit(s).
However, if you wire for your ST for 240V and you have 120V circuit(s) that you need to feed, you can only use half the rated ST output power for any given 120V circuit. Likewise, you can also only use half the rated ST power output for each side of your transfer switch panel.
So if you have a single 120V circuit that requires high power, or if you have several circuits on one side of your transfer switch panel that in combination require high power, you may not be able to get there when your ST is wired for 240V.
If you wire your ST for 120V, you can feed BOTH sides of your transfer switch the full ST power rating and you can therefore also feed ANY single 120V circuit in your panel the full ST power rating too.
Furthermore, and more to the point of this thread, if you wire your ST for 120V, your ST is ALWAYS electrically load balanced and you will NEVER experience the so called ST groaning caused by electrical load unbalance. This is NOT the case when you wire your ST for 240V...you would have to manually accomplish the 120V circuit load balancing in order to avoid the groaning.
For these reasons, I would only recommend wiring your ST for 240V if you have 240V circuits that you absolutely must feed. If you also have 120V circuits that you must feed, than the transformer approach makes very good sense.